AUD/CAD 4H Chart: Falling Wedge Pattern In Sight

Technical analysis of Forex market

The AUD/CAD currency pair has been trading downwards within a falling wedge pattern since the beginning of September.

From a theoretical point of view, it is likely that the exchange rate could continue to decline within the predetermined pattern in the medium term. In this case a breakout north could occur by the beginning of November.

Meanwhile, note that the currency pair could gain support from the monthly S1 at 0.9399. If the given level holds, it is likely that a breakout north could occur sooner, and the pair could target the monthly R1 at 0.9676.

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