The Australian Dollar has been moving in a descending channel against the Canadian Dollar since the beginning of February. The upper boundary of a dominant channel was tested on February 2 and that followed by a new wave down.
The AUD/CAD exchange rate has moved to the bottom border of an ascending trend-line and could be set for a breakout within the following trading hours.
If the aforementioned breakout occurs, the pair is likely to encounter a support set by the weekly pivot point at 0.9850. Also, it might indicate a long-term decline for the Aussie pair. Meanwhile, technical indicators flash mixed signals.
