AUD/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As it could be derived from the past 150 trading hours, the exchange rate has been fluctuating between two parallel rising trading lines lately.
Accordingly, while we would expect the market to remain overall bullish in this situation, the resistance at 1.0237, namely the upper border of the upward-sloping channel, is unlikely to let the currency pair advance further in the near term. Instead the supply area is supposed to initiate a sell-off down to 1.10. There the currency pair may restore the bullish momentum and commence a recovery, even though at the moment the technical indicators are mixed on all three relevant time-frames.

© Dukascopy Bank SA
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