AUD/CAD 1W Chart: Rising wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a flattish fall of AUD/CAD, a rising wedge added nine percent of value just to build up some more bearish potential for a dive towards previous lows. We expect the pair to remain above 0.9989, the bottom trend-line for now, test it for an additional week or so and then break it to open the way to the 0.9921 area. We look for the 1.0000 psychological level to put up a battle against further downside movements for now, but a break below is nevertheless comming. While investors tend to lean in favour of our falling scenario, a 71% oversold Australian Dollar could push the pair north with 1.0134 as the first target.
© Dukascopy Bank SA
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