AUD/CAD, “Australian Dollar vs Canadian Dollar”
AUD/CAD is trading at 0.9479; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.9495 and then resume moving downwards to reach 0.9345. Another signal in favor of further downtrend will be the formation of a Head & Shoulders reversal pattern. As we can see, the price has rebounded from the “neckline”; the target of the pattern materialization is at 0.9335. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.9555. In this case, the pair may continue growing towards 0.9645.