AUDCAD - Channel Breakout or Reversion

AUDCAD is exhibiting signs of breaking out of its recent Bearish channel.
It is encountering resistance at the 4hr 100 SMA (0.88)
It will possibly test the previous upper channel trend line to see if it is provides support or falls below it re-entering the channel to revert to the lower trendline.
Upcoming news for both currencies will likely initiate any directional move if hasn't occurred prior.

Trade closed: target reached:

A possible trend reversal in the larger timeframe