The Australian Dollar is trading against the Canadian Dollar simultaneously in the two descending channels. The junior channel formed as a result of rapid depreciation of the Loonie, which was most likely associated with the released fundamental data in the end of last week. Nevertheless, the latest movements of the pair also confirmed formation of the descending triangle with the equal lows located at the 1.0065 level. Currently, the currency rate is on its way to test the resistance cluster supported by the 100-period and 55-period SMAs at 1.0102 and 1.0104 as well as the weekly PP at 1.0105. This formation supports the scenario that in the upcoming days the pair will make a breakout in the downward direction.
| Level | Rationale | Indicator | 1H | 4H | 1D | |||
| R4 | 1.0111/12 | Upper Bollinger Band; Trend line | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 1.0105/06 | Weekly PP; 200-period SMA | RSI (14) | Sell | Sell | Sell | ||
| R2 | 1.0102/04 | 100-period SMA; 55-period SMA | Stochastic (5; 3; 3) | Neutral | Neutral | Neutral | ||
| R1 | 1.0081 | 20-period SMA | ADX (14) | Sell | Sell | Sell | ||
| S1 | 1.0065 | Trend line | CCI (14) | Neutral | Neutral | Neutral | ||
| S2 | 1.0051/50 | Bottom Bollinger Band; Trend line | AROON (14) | Neutral | Neutral | Buy | ||
| S3 | 1.0045 | Weekly S1 | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 1.0016 | Monthly S1 | SAR (0.02; 0.2) | Sell | Sell | Sell | ||
| Aggregate | ↘ | ↘ | ↘ |