The Australian Dollar has depreciated about 1.34% in value against the Canadian Dollar since November 7. The currency pair tested the lower boundary of an ascending channel pattern at 0.8972 on November 18.
Given that the exchange rate has bounced off the bottom border of the channel pattern, bullish traders are likely to continue to dominate the pair during the following trading sessions. The potential target will be at the weekly R2 at the 0.9126 area.
Furthermore, technical indicators demonstrate bullish signals on the daily time-frame chart.
