The AUDCAD currency pair has made a notable departure from its recent negative trajectory, exhibiting a robust bullish rally that successfully breached the resistance of the bearish channel at 0.8750 and surged to 0.8785, garnering additional gains in the process.
Market analysis anticipates the emergence of a significant support level at the previously breached resistance point. Furthermore, the stochastic indicator shows signs of contributing to the positive momentum, suggesting that the price is primed to embark on a bullish rally with the initial primary target set at 0.8820. Should the momentum persist, the possibility of further extension to 0.8865 becomes viable, thereby establishing the subsequent target for the bullish market movements.
Today’s projected trading range is forecasted to oscillate between 0.8765 and 0.8820.
In accordance with the prevailing market dynamics, the outlook for today leans towards a bullish trend, reflecting the newfound positive sentiment surrounding the AUDCAD currency pair.