A medium-term descending channel has guided the price movement of the AUD/CAD currency pair. The pair tested the lower boundary of the channel pattern on September 12 and had since made a brief retracement to the upside.
Currently, the exchange rate is trading below the 50-hour simple moving average and the weekly pivot point at 0.9334.
Technical indicators suggest that the bearish momentum is likely to continue within this session. The potential target for bearish traders could be near a support cluster formed by the combination of the weekly and the monthly PPs at the 0.9270 mark.
