AUD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of September the pair has been trading sideways; however, as it failed to consolidate above the 1.02 mark, the Aussie started gradually losing value against the Canadian Dollar and on 9th of September entered a bearish channel. The formation represents 217-bar long channel down pattern with high quality and magnitude.
Currently, the pair is headed towards the upper boundary of the pattern, since it received a bullish impetus after a drop to the lowest level since February at 0.9743. Nonetheless, both—technical indicators and SWFX numbers, are neutral, thus we are suggesting to watch the movements around the current trading levels and we expect the pair to fall further.
© Dukascopy Bank SA
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