AUD/CAD 1H Chart: Channel Down
- The Australian Dollar is losing value against the Canadian Dollar in a short-term descending channel that staretd to form after a 39-pip depreciation of the Aussie last week.
- At the moment, the currency exchange rate is squeezed between the weekly S1 at 0.9941 and the monthly PP at 0.9930.
- Nevertheless it is expected to resume the fall, as the breakout to the northern side most probably will be neturalized by the 55-, 100- and 200-hour SMAs.
- The souther side, in turn, lacks any barriers up until the weekly S2, which is located at the 0.9901 level.
