AUD/CAD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though in the beginning of the previous week the AUD/CAD pair has successfully bounced from the upper trend-line of the pattern, it is still unable to near the lower boundary. The pair is constantly trading just in between two boundaries of the bearish channel. At the moment market sentiment is almost completely neutral, as the majority of bears over bulls is only marginal, with former and latter taking up 48.5% and 51.5% of all trades, respectively. Short-term technical indicators, however, suggest the pair will advance, while in the medium-term we may observe a decline of the pair. Therefore, we assume the Aussie will continue falling in the foreseeable future.
© Dukascopy Bank SA
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