The Australian Dollar has been appreciating in an ascending channel pattern against the Canadian Dollar since October 8 after the currency pair reversed from the bottom border of a dominant descending channel at 0.9100.
The exchange rate broke the dominant descending channel pattern a few days ago. Currently, the pair is trading above a traditional weekly PP at 0.9678.
Given that a breakout had occurred, it is likely that the AUD/CAD currency exchange rate would continue to maintain a five-week ascending channel pattern during the following days.
The pair will likely target the upper boundary of the five weeks ascending channel at 0.9884 within this week.
