AUD/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD has been in an up-trend since Aug 28, when it touched a low of 0.9331. However, for now we would rather focus on the last 200 bars which participated in the formation of the bullish channel on an hourly chart.
At the moment the currency pair is in the upper part of the corridor near the bullish resistance line at 0.9945, meaning the risks are currently skewed to the downside. However, the dip should be halted by the lower boundary of the channel at 0.9854. Just beneath this support is the 200-hour SMA that reinforces the bullish outlook, although the shares of long (53%) and short (47%) positions are divided evenly.
© Dukascopy Bank SA
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