AUD/CAD is slowly appreciating and has formed a Rising Wedge pattern on the 4H chart. The pattern has 70% quality and 57% magnitude in the 86-bar period.
The pattern started when the pair rebounded from 1.0475 and after testing pattern's support levels at 1.0322 and 1.0414 the pair slowed down at 1.0543 where the pair is currently trading. Technical indicators on aggregate point at appreciation of the pair on 1D outlook indicating that it will follow the patterns general trend. Long traders could set the first target at the recent pattern's resistance test level at 1.0558. If this level is breached, next targets could be at the pattern's resistance band at 1.0573 and the 4 hour pivot point at 1.0583.
Technical indicators on aggregate point at deprecation of the pair at 1W time horizon. The SWFX market sentiment shows that 65% of traders expect depreciation of the pair as well. Short traders should focus on the 4 hour pivot point at 1.0522. If this level is breached next targets could be at 1.0505 and at the pattern's support band at 1.0500.