AUDCAD 4H Chart: Pair ready to breach dominant channel
A review was made for the Aussie pair, as the previously drawn pattern was broken. The currency pair has been volatile since the last time it was reviewed.
After reaching the 50.00% Fibonacci retracement level, the AUD/CAD pair made a U-turn north and has since been trading in that direction. This retracement can be measured by connecting the low at 0.9582 touched in December and the January high at 1.0008.
The currency exchange rate could continue trading in a channel up until it breaches the upper boundary of a dominant channel where the weekly R1 at 0.9987 is located.
After reaching the 50.00% Fibonacci retracement level, the AUD/CAD pair made a U-turn north and has since been trading in that direction. This retracement can be measured by connecting the low at 0.9582 touched in December and the January high at 1.0008.
The currency exchange rate could continue trading in a channel up until it breaches the upper boundary of a dominant channel where the weekly R1 at 0.9987 is located.