AUD/CAD reveals a wide pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The AUD/CAD currency pair found support in early August near the 0.8850 level. This event was followed by a recovery that eventually reached and tried to pass above the 0.9200 mark. However, the surge failed and passed below the support of the 50-day simple moving average and the 0.9120/0.9135 range.

By mid-September, the rate was heading to the 200-day simple moving average and the support and resistance range that surrounds the 0.9000 mark.

The decline of the Australian Dollar against the Canadian Dollar would have to pass the 0.9000 mark and the 200-day SMA, before the rate reaches the August low level at 0.8850. In the meantime, note that the 0.8950 level has acted as support and resistance.

In the case of a surge of the pair, it is set to face resistance in the form of the 50-day simple moving average and the 0.9120/0.9135 range. Higher above, note the upper trend line of the wide channel down pattern. It is set to act as resistance.
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