The pair AUD/CAD has remained on an uptrend since the beginning of this month. Australia’s ties with China and the ‘hard commodities’ maintained a relationship between precious metals and local currency. The Canadian Dollar is strongly correlated with the price of crude oil. Both currencies are sensitive to different commodity prices.
Technical Outlook
AUD/CAD price remains on a short-term bullish trend reaching at 200 MA line on the Daily chart and trading near 0.90. The short-term support level remains near 0.86. This 0.90 level can be strong resistance, and the price returns to the support level again.
The RSI indicator declares that the price reaches an overbought level and may face a potential decline. The following dynamic resistance is near 0.91, so the price can get there before declining significantly. A breakout above 0.91 can open a door for the next resistance level near 0.95.
