The price movement of the AUD/CAD currency pair has been constrained by a medium-term ascending channel. The exchange rate re-tested the lower boundary of the channel on June 19 and followed by 100-pips gain.
By Friday’s session, the currency pair was stranded between the 55-,100-hour SMAs and combination of the weekly pivot point and the 61.80% Fibonacci retracement level near the 0.9829 mark.
As for near future, it is likely that bulls could gather enough strength to dash through the resistance cluster. Meanwhile, technical indicators demonstrate that bulls are likely to grow stronger during the following trading sessions.
