AUD/CAD 1H Chart: Channel Dow

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian currency continues to lose value against its Canadian peer, albeit at a somewhat slower pace than it had been initially anticipated. A decline is quite likely going to strengthen in the nearest future, given that many technical levels have already been surpassed, including both daily and weekly pivot points on Tuesday. Market sentiment gives no particular signal for traders of this cross, as there is only a 10% negative gap between the bulls and bears. However, technical indicators are bearish for the next 24 hours. The first support to approach is weekly S1 and daily S2 at 0.9838/29, followed by the pattern's support at 0.9797. There some purchases are possible, which will lead to AUD's recovery.

© Dukascopy Bank SA
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