AUD/CAD 1H Chart: Ascending Wedge
The Australian Dollar is trading in an ascending wedge against its Canadian counterpart. Considering that the rate has already reach the ending point of this pattern, it might be assumed that a breakout may be due soon.
The direction of this breakout should be southwards, possibly leaving the rate in the short-term channel down. Thus, the closest downside target is the bottom channel line near the 0.9960 area, likewise supported by the weekly S1 and the 38.2% Fibonacci retracement.
Subsequently, the rate might retrace from the given level back to the lower wedge boundary and eventually resume its fall.
The direction of this breakout should be southwards, possibly leaving the rate in the short-term channel down. Thus, the closest downside target is the bottom channel line near the 0.9960 area, likewise supported by the weekly S1 and the 38.2% Fibonacci retracement.
Subsequently, the rate might retrace from the given level back to the lower wedge boundary and eventually resume its fall.
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