The Australian Dollar has increased its trading range significantly against the Canadian Dollar. The bullish sentiment began after the pair reversed from a low level of 0.9100 on October 10.
The exchange rate breached a resistance level formed by the weekly R1 at 0.9609 during the morning hours of today’s session.
It is expected that the AUD/CAD currency pair continues its bullish momentum today and could target the upper boundary of an ascending channel at 0.9675 within this session.
If the resistance line formed by the upper boundary of the ascending channel holds, the currency exchange rate will make a brief retracement down towards the 0.9550 mark.
