AUD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although AUD/CAD has been struggling with resistance at 1.0110 lately, the risks are considered to be heavily skewed to the upside. The currency pair is trading within a well-defined channel, and most of the technical indicators are currently pointing north. At the same time, there is still room for more bulls to join the trend, being that only 34% of open positions are long. The present target is the September high at 1.0250. However, the outlook will be changed if the price dips through the support up-trend at 1.0050. In this case the exchange rate will be expected to descend down to 0.9840, namely the Dec 15 low, while extra demand is at 0.9780, represented by the 200-period SMA.
© Dukascopy Bank SA
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