ClearEdgeFX

AUDCAD - PRESSURE SLOWLY BUILDING IN A DESCENDING TRIANGLE

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUDCAD has been trapped in a relatively small range for the past few months but as the weekly chart shows there is some pressure building up possibly leading to a breakout at some point. The demand zone (the blue box) appears to be defended by buyers with a lot of force but the same could be said of the sellers who have consistently been defending the descending trendline . That said, both of these currencies are heavily commodity-driven, therefore, in some ways they cancel each other out resulting in relatively low levels of volatility .

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