USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair continues moving close to the support level. By now, it has completed Inverted Hammer reversal pattern. The current situation implies that USDCAD may form a slight correction then resume falling towards 1.3025. However, we shouldn’t ignore an alternative scenario, according to which the instrument may return to the descending channel’s upside border at 1.3141.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair continues forming the ascending tendency. After finishing Hanging Man reversal pattern close to the channel’s upside border, AUDUSD is starting to reverse. Considering the current uptrend, let’s assume that the pair start a slight correction, but then resume falling to reach its downside target at 0.6955. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may update its highs and continue growing towards 0.7035.