AUD/CAD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though a rising wedge pattern was already breached by bears couple of hours ago, the pair is still worth discussing. The trading range was narrowing, while both trend lines were poised to converge on October 5, making a breakout inevitable. However, it happened even earlier. According to the technical indicators on a daily chart, we may expect a throwback, suggesting the price could move back in pattern's boundaries, while in a longer term, the Aussie is still likely to loose ground against its Canadian counterpart. As the outlook is bearish, short traders could focus on a strong support level of 0.9536 represented by a Fibonacci retracement.
© Dukascopy Bank SA
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