AUD/CAD surges to high as 0.9910 so far today and the break of 0.9898 resistance finally confirms resumption of rise from 0.9247. Near term outlook will now stay bullish as long as 0.9936 minor support holds. Next target is 61.8% projection of 0.9247 to 0.9898 from 0.9713 at 1.0115.
Major focus is indeed on 1.0241 long term resistance down the road. We’re seeing the corrective decline from 1.0784 (2012 high) as completed with three waves down to 0.8058 (2020 low). Rise from 0.8058 could indeed be the third leg of the pattern from 0.7149 (2008 low). A strong break of 1.0231 will raise the chance of further break of 1.0784 in medium term.
