The Australian Dollar has been appreciating against the Canadian Dollar since the beginning of October. The AUD/CAD currency pair has increased its trading range by 3.08%.
The exchange rate breached the weekly R1 at 0.9363 during the morning hours of Thursday’s session. Currently, the pair is located near the upper boundary of an ascending channel and could be set for a breakout.
If the breakout occurs, the next target for the currency exchange rate will be at a swing high of 0.9491.
However, the pair could reverse from current price level and aim at a support level formed by the 200-hour SMA neat the 0.9290 region during the following session.
