AUD/CAD Breakout Opportunity Emerges as Canadian Dollar Remains Soft

AUD/CAD has seen a significant sell-off during the trading session on Wednesday, but looking at the longer-term view, it is still trying to break out to the upside.

According to technical analyst Christopher Lewis, he remains bullish on this pair and is willing to buy near 0.9920 with a target of 1.0100.

The Australian dollar fell as oil prices surged against the Canadian dollar, which has been influenced by the recent events in the Strait of Hormuz.

While the interest rate differential is still wide enough to drive a truck through, Canada's central bank has been more neutral compared to Australia's hawkish stance.