AUD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite AUD/CAD having trouble decoupling from the lower bound of the channel, technical studies mostly suggest further appreciation of the Australian Dollar. Apart from the fact that the price is currently trading near the support trend-line, which implies already implies a rally, a majority of the four-hour and daily indicators are giving ‘buy' signals. At the same time, the Aussie is oversold in the SWFX market—73% of positions are long, meaning selling is unlikely to intensify. Nevertheless, the upside potential is seen limited, being that the exchange rate is approaching a major resistance area circa 0.9880, represented by the six-month down-trend.
© Dukascopy Bank SA
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