USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming several reversal patterns close to the rising channel’s downside border and reversing, USDCAD has formed Hanging Man pattern in the center of the channel, which may indicate a new correction before the price continues growing towards 1.3372. However, we shouldn’t ignore another scenario, according to which the instrument may fall and return to 1.3200.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after forming several reversal patterns, including Hammer, close to the support level, AUDUSD is reversing. Judging by the previous movements, we may assume that the price may finish the correction and then continue trading upwards to reach 0.6800. However, we shouldn’t ignore a possibility that the instrument may resume falling towards 0.6655.
