Dukascopy
Short

AUDCAD 4H Chart: Pair confined by bearish pattern

FX:AUDCAD   Australischer Dollar/Kanadischer Dollar
After touching the lower boundary of the dominant channel the Aussie has been gaining strength against the Canadian Dollar             since early December.

A new junior channel has been drawn to monitor the current market movement. By the time of this analysis, the pair had breached the lower boundary of the dominant channel.

Everything being equal, bears are likely to continue their dominance against the currency exchange rate until it finds support cluster of the weekly and monthly PPs             near the 0.9762 mark.
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