The AUD/CAD currency pair has been consolidating between the Fibo 50.00% at 0.9290 and the 0.9420 level since the beginning of June.
Given that the exchange rate is supported by the 55– and 100-hour moving averages near 0.9385, it is likely that some upside potential could prevail in the market. In this case the rate could target the 1.0200 level in the medium term.
Meanwhile, note that the currency pair would have to exceed the monthly R3 at 0.9453. If the given level holds, it is likely that a reversal south could occur, and the pair could decline below the 0.9250 mark.
