HomeContributorsTechnical AnalysisAUD/CAD 4H Chart: Could Edge Higher

AUD/CAD 4H Chart: Could Edge Higher

The Australian Dollar has depreciated about 1.34% in value against the Canadian Dollar since November 7. The currency pair tested the lower boundary of an ascending channel pattern at 0.8972 on November 18.

Given that the exchange rate has bounced off the bottom border of the channel pattern, bullish traders are likely to continue to dominate the pair during the following trading sessions. The potential target will be at the weekly R2 at the 0.9126 area.

Furthermore, technical indicators demonstrate bullish signals on the daily time-frame chart.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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