AUD/CAD 4H Chart: Channel Up

AUD/CAD is stagnating near the 200-period SMA line at the moment. This simple moving average has already capped a decline of the Australian currency for two times on October 13 and October 16. In case the third attempt is unsuccessful, we will expect the currency pair to resuming growing. This particular idea is shared by daily technical indicators and 62% of SWFX market participants who are holding long open positions. A recovery may push the Aussie up to 0.9527/40 (monthly/weekly R1), a breach of which will pave the way towards the pattern's resistance line at 0.9609. Alongside, a slump below 0.9387 should trigger a sell-off down to the monthly pivot point at 0.9340, followed by a trend-line at 0.9307.