AUD/CAD 1H Chart: Pair lingers near 10-month high
During the past few months, the Australian Dollar has been appreciating steadily against its Canadian counterpart. Bulls added strength to this gradual increase in price, thus allowing for a breakout of the prevailing three-month channel. This event occurred on March 13 when the Loonie was weakened substantially in the wake of a speech by the BOC Governor Poloz.
The rate has since been consolidating slightly below the ten-month high of 1.0234. It is likely that the pair is tended south during the following sessions. This fall, however, might be rather flat down to the combined support of the weekly R1 and two channel lines circa 1.0140.
The rate could subsequently surge for a brief period of time until the bearish sentiment takes over the market and forces the Aussie lower in the medium term.
The rate has since been consolidating slightly below the ten-month high of 1.0234. It is likely that the pair is tended south during the following sessions. This fall, however, might be rather flat down to the combined support of the weekly R1 and two channel lines circa 1.0140.
The rate could subsequently surge for a brief period of time until the bearish sentiment takes over the market and forces the Aussie lower in the medium term.
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