The Australian Dollar began to depreciate against the Canadian Dollar after hitting a four-month high at 1.0242 in mid-March. During this long period of decline, the currency pair fell by 5.71%.
At the time of this analysis, the exchange rate was stranded between SMAs. The 200-hour simple moving average was restricting the bulls from making gains, while the 55-hour SMA was supporting the bears from falling.
Everything being equal, a breakout from the three SMAs is expected. Technical indicators suggest that bears are likely to grow stronger during the following trading sessions.
