The AUD/CAD exchange rate has been trading within an ascending channel since the beginning of June.

From a theoretical perspective, it is likely that some upside potential could prevail, and the currency pair could continue to appreciate in the medium term. Note that the pair would have to exceed the monthly R1 and R2, located at 0.9738 and 0.9892 respectively.

Meanwhile, it is unlikely that bears could prevail in the market, and the exchange rate could decline below the Fibonacci 38.20% at retracement at 0.9067.

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