A long-term descending channel has guided the AUD/CAD pair for the last four months. The given downside momentum has allowed the Australian Dollar to reach a new low level at 0.9105.
However, the currency pair bounced off its historically low level a few days ago, and presently trading above the 50-hour simple moving average at 0.9272.
Everything being equal, it is likely that the exchange rate continues its bullish momentum within this session. The potential target for the Aussie could be the next swing high at 0.9476 during the following trading sessions.
Although, it is important to note that a resistance cluster formed by the 200-hour SMA and the weekly R1 at 0.9333 could hinder the rate from hitting the target.
