Some bullish rally was recorded in the Asian equity trading activity earlier, buoying the AUDCAD for an inclined path. With risk appetite gaining ground in spite of investors concluding that the European summit this week will fail to take concrete action to resolve the Euro Zone debt crisis, price activity climbed from a low of 1.0285.

Price activity has already cleared the upper psychological handle defined by the 1.0306 price mark. The candlesticks are now headed towards the 1.0314 price handle. A successful challenge of this resistance level is likely to bring prices past the week-high of 1.0320.

In the 30-minute technical chart, price action is seen hoisted by the dot indicators of the Parabolic SAR(0.02,0.20). The aforesaid dot blotches are arrayed beneath the price formation, wielding bullish pressure on the candlesticks. In addition, a bullish arrangement is shown by the signal lines of the Ichimoku Kinko Hyo(9,26,52). The Tenkan-sen line now dominates the Kijun-sen signal, with enough separation between the two to indicate that a sudden downhill pattern is unlikely.

Moreover, the MACD(12,26,9) indicator has already touched base above the centerline, indicating interest for the AUD currency. Considering these factors, both technical and fundamental, trades are expected to go north for the Aussie-Loonie today.