AUD/CAD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having attained almost a six-month high in the very end of October, the Australian Dollar started to lose ground against its Canadian peer. The currency pair performed a decline within the limits of the channel down pattern that now is 225-bar long. Currently the pair is vacillating near the upper boundary of the pattern, a proximity to which may result in the breakout. However, this remains questionable as a jump to this level is expected to put a noticeable selling pressure on EUR/CAD given a strong bearishness on the market-84.62% of traders are betting on depreciation of the pair.
© Dukascopy Bank SA
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