Since the end of November, the AUD/CAD currency pair has been trading within a rising wedge pattern.
From a theoretical point of view, it is likely that the exchange rate could breach the predetermined pattern south in the nearest future. In this case the rate could gain support from the Fibonacci 23.60% retracement at 9529.
In the meantime, note that the currency pair is supported by the 55-, 100– and 200-period SMAs in the 0.9670/0. 9820 range. Thus, some upside potential could continue to prevail in the market.
