AUD/CAD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Australian Dollar formed a high-quality double top pattern, while the pair has a good chance to create a third top. Just recently, the currency bounced from pattern's support or the valley between two tops at 0.9830 and is constantly moving upwards. 
Short-term technical indicators suggest that the Aussie will continue gaining value against its Canadian counterpart in the nearest future. In the medium-term, however, the pair may stop moving to the north, as suggested by four-hour and daily technical studies. SWFX traders, in general, are undecided on pair's future development, as bulls and bears take up 47% and 53% of all positions, respectively.

© Dukascopy Bank SA
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