USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair continues forming another descending wave. By now, it has reversed after completing Hammer pattern. The current situation implies that USDCAD may rebound from the channel’s upside border and then resume falling towards 1.3070. However, we shouldn’t ignore an alternative scenario, according to which the instrument may grow to return to 1.3192.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the pair continues forming the ascending tendency. After forming Shooting Star reversal pattern close to the channel’s upside border, AUDUSD is starting to reverse. Considering that the pair is not trading today due to Christmas, there might be a gap during the market opening tomorrow. In this case, the downside target may be at 0.6845. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may update its highs and test 0.6955.