Following up on last week Friday analysis for the AUD/CAD exchange rate. Bears took control of the currency pair as expected and as a result, the rate breached the 55-and 100-hour SMAs.
Given that a breakout had occurred through the lower boundary of an ascending channel and price action has moved past the 61.80% Fibonacci retracement level, the pair could target a strong support cluster set by the 200– hour simple moving average and the combination of the weekly and the monthly PPs located near the 0.97 mark.
Technical indicators are in favour of bears to continue their dominance in the market during the following trading sessions.
