After touching the lower boundary of the dominant channel the Aussie has been gaining strength against the Canadian Dollar since early December.
A new junior channel has been drawn to monitor the current market movement. By the time of this analysis, the pair had breached the lower boundary of the dominant channel.
Everything being equal, bears are likely to continue their dominance against the currency exchange rate until it finds support cluster of the weekly and monthly PPs near the 0.9762 mark.