AUD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our short-term outlook on AUD/CAD is bearish. The currency pair is currently trading near the upper edge of the downward-sloping channel, which implies a decline from 0.9840, while the lower boundary and at the same time the target is 0.9750/40. As for the longer-term outlook, the bears are highly unlikely to be able to push the rate through demand at 0.97, being that the level implied by the seven-month up-trend, even though the technical indicators in all three presented time-frames are mostly pointing south. Meanwhile, the SWFX traders seem undecided with respect to the Aussie, since 52% of them are holding long and 48% are holding short positions.
© Dukascopy Bank SA
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