AUD/CAD 1H Chart: Two prevailing patterns
The AUD/CAD exchange rate has been trading sideways for the last seven weeks. Two channels, however, have prevailed during this time. The senior formation has confined the pair in the previously-mentioned sideways movement. In case the junior pattern is to prevail, the Aussie might leave this range and move upwards, especially given that the 0.97 mark reached on September 12 is the lowest point since early January.
Meanwhile, the rate was testing the 0.9880 mark for several hours this week, but failed to move past this area. It has currently returned near this mark, being supported by the 100-, 55– and 200-hour SMAs, the 38.2% Fibo and the weekly PP in the 0.9834/47 territory.
The pair could bounce off the given support, surge up to 0.9900 and hinder near this psychological level. Subsequently, a minor correction should occur before the rate goes up once again.
Meanwhile, the rate was testing the 0.9880 mark for several hours this week, but failed to move past this area. It has currently returned near this mark, being supported by the 100-, 55– and 200-hour SMAs, the 38.2% Fibo and the weekly PP in the 0.9834/47 territory.
The pair could bounce off the given support, surge up to 0.9900 and hinder near this psychological level. Subsequently, a minor correction should occur before the rate goes up once again.