AUD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite AUD/CAD currently struggling to advance through the weekly PP and 200-period SMA, the outlook on the currency pair is bullish. The Aussie is expected to resume the rally from 0.93 and re-test 0.9585, a tough resistance level that withstood both October attacks. However, we might have to wait before the pair regains bullish momentum, considering that at the moment the situation is unfavourable for a rally, being that the daily and weekly technical indicators are bearish. Meanwhile, a dip through 0.93 will likely lead to a slide to the November 1 low at 0.9250. Additional downward pressure might expose the September low at 0.9150.
© Dukascopy Bank SA
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