EUR/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the end of July, AUD/CAD has been moving higher but the formation of the channel up pattern started only in mid-October when the pair accelerated the pace of its appreciation. Considering that channel up patterns usually result in the continuation of the bullish trend, the pair is likely to progress in its climb even after a slight retreat from a four-month high hit on October 18. However, market players do not support this idea, being bearish on the pair in 52.94% of cases. Fortifying bullish outlook, technical indicators predict an increase in the pair's rate in short-term, while being neutral in longer-term.
© Dukascopy Bank SA
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