AUD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 191 bars AUD/CAD has been moving in channel up boundaries, which was formed on August 16. Overvalued Aussie has been a major concern for the RBA and even though analysts do not see another rate cut, Oz currency looks overbought already and a period of consolidation is needed. This idea is supported by weekly technical indicators, which are sending "sell" signals. As the outlook is bearish, short traders could focus on 0.9694/88 represented by daily support, weekly pivot and Bollinger band, suggesting in case this level is breached, the pair will move towards pattern's support, which is 35 pips lower.
© Dukascopy Bank SA
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