During the first part of this week’s trading sessions, the Australian Dollar appreciated about 1.57% in value against the Canadian Dollar. However, the currency pair reversed south from the 0.9120 area on December 3.
Currently, the AUD/CAD exchange rate is testing the lower boundary of an ascending channel pattern at 0.9016.
If the channel pattern holds, a surge towards the psychological level at 0.9250 could be expected in the nearest future.
Although, it seems likely that the currency exchange rate will break the ascending channel pattern before the end of this week’s trading sessions.