Australia's ties to China and the 'hard' commodities it produces have fostered a historical relationship between the local currency and precious metals. The value of the Canadian Dollar is strongly correlated with the price of crude oil as the country remains a dominant exporter of the commodity. Both currencies are therefore sensitive to broader commodity price trends.
AUD/CAD price gains may halt given that the BoC is relatively more hawkish than the RBA. Meanwhile RSI divergence warns that the Canadian Dollar may appreciate against the Aussie.