Daily Forex Update: AUD/CAD

By: Dima Chernovolov

AUD/CAD continues to inside the clear Ascending Triangle chart pattern which was previously identified by Autochartist on the daily charts. Autochartist measures the Quality of this Ascending Triangle at the 6 bar level – which is the result of the below-average Initial Trend (4 bars), higher Uniformity (5 bars) and significant Clarity (8 bars). AUD/CAD is expected to rise to the upper resistance trendline of this Ascending Triangle.

As can be seen from the following chart, Autochartist also recently identified the Clear Up Channel on the hourly AUD/CAD charts. Its Clarity is similarly rated by Autochartist at the 8 bar level. The presence of the two active, different-type and different-scale chart patterns aligned in one direction increases the probability of further gains for this currency pair.

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