AUD/CAD 4H Chart: Channel Up

Aussie-loonie cross is recovering after a 3 month slide from 1.072 to 0.917. It is worth mentioning in the very beginning that Fibonacci retracements seems to be having significant effect on the pair at the moment—23.6% retracement most likely cause first rebound from the pattern's resistance and 38.2% is responsible for the second one. At the  moment it is demonstrating some bullishness which seems to be caused by the 20-day SMA. However, it does not seem it could have any long term repercussions. Some is reflected in the medium term technicals, but quite a few of them give neutral outlook so we put much more weight on the long term technicals.