Daily Forex Update: AUD/CAD

By: Dima Chernovolov

AUD/CAD recently broke the 4-hour Ascending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 7-bar level – which is the result of the medium Initial Trend and Uniformity (both rated at the 4 bar level) and strong Clarity (9 bars). AUD/CAD is expected to rise toward the forecast price 0.9887.

As can be seen from the weekly AUD/CAD chart below, the breakout of this Ascending Triangle continues the active daily impulse wave which started earlier from the major support area lying between the long-term support level 0.9600 (which has been reversing the price from the start of 2017) and the lower weekly Bollinger Band. The strength of the daily impulse wave increases the probability AUD/CAD will continue to rise toward the forecast price 0.9887.

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