AUD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar commenced a retreat against its Canadian counterpart after it reached a four-month high in the end of October. Since then, the pair has been declining, being trapped by two downward sloping lines. At the moment of writing, the AUD/CAD movements were also bounded by its SMAs; 50-hour SMA was preventing a further decline, whereas 200-hour SMA was blocking a climb. The SWFX data indicates that traders are divided on the pair's perspectives; 52% are bullish, while 48% are bearish on the pair.
© Dukascopy Bank SA
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