AUD/CAD 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A massive sell-off (15 figures) in the last year's second quarter was stopped by the support at 0.92. Since then the Australian Dollar has been generally outperforming its Canadian counterpart. As a result, there is now a bullish channel emerging on the chart. However, at the moment the exchange rate is undergoing a bearish correction. The dip is likely to extend further from the current levels, but should be stopped before it crosses the lower boundary of the pattern at 0.9731. There AUD/CAD will be well-positioned to resume a recovery and re-test the Apr 16 high at 1.0351. Meanwhile, the sentiment is bullish towards the pair—65% of presently open positions are long.
© Dukascopy Bank SA
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