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AUD/CAD 1H Chart: Pair near triangle boundary

FX:AUDCAD   Australischer Dollar/Kanadischer Dollar
The Australian Dollar             has been trading in an ascending channel against the Loonie since mid-November. The upper boundary of this pattern and a long-term channel down near 0.9875 was reached five weeks later.

Since then, the Aussie’s failure to move below the 0.9782 mark has resulted in the formation of a descending triangle . The pair had reached its upper boundary, likewise reinforced by the 200-hour SMA , on Tuesday morning             .

From theoretical point of view, this triangle should be breached to the upside. A breakout in this session is also signaled by technical indicators. The subsequent surge is not expected to be long-lasting, as the upper boundary of the senior channel is located nearby circa 0.9850.

Taking all this into account, the base scenario favours a test of the senior channel and a reversal near this area.
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