During the past week, the Australian Dollar has depreciated by 1.48% in value against the Canadian Dollar. The currency pair tested the lower boundary of an ascending channel pattern at 0.9010 during yesterday’s trading session.
Given that the AUD/CAD exchange rate is trading near the bottom border of the channel pattern, a breakout could occur within this week’s trading sessions. Bearish traders could target a support cluster formed by the monthly S1 and the weekly S2 at the 0.8933 zones.
On the other hand, the currency exchange rate might make a U-turn from the lower line of the ascending channel pattern during the following trading sessions.
