The Australian Dollar has been constrained by two opposite channels against the Canadian Dollar. The most important of which is the junior ascending pattern which was formed on May 9.
After hitting a strong resistance cluster set by the weekly and the monthly PPs near the 0.99 area and the 50.00% Fibonacci retracement level, the currency pair began to decline. However, this decline has not been significant. This retracement can be measured by connecting the high at 1.02 and the low at 0.95.
Everything being equal, the AUD/CAD currency exchange rate might decline toward the 55– or 100– hour SMAs during the following trading session.
