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AUD/CAD - Threatens Bearish Breakout After the BoC Statement

The Canadian Dollar (CAD) got quite a boost this morning (9/9 US session) following the Bank of Canada's monetary policy meeting. The BoC maintained its overnight rate at 0.50%. The statement makes it clear that the BoC is still in an accommodative mode dealing with uncertainty in China and volatility in commodity prices. 

The AUD/CAD  was rallying in an upward channel, but is now stomping on the channel support after the BoC statement

AUD/CAD 1H Chart 9/9
(click to enlarge)

So far, we are seeing some support from the channel support. Let's see what happens around 0.93. This is a support/resistance pivot area and a psychological level. If price ends today under this level, I would anticipate an eventual break of the rising channel. To the downside, We could be looking at a return towards the 0.9160 area and even lower because the prevailing trend going into this week was been bearish. 

If price closes above 0.9320 on the other hand, I would say that the channel support held, and that there would be risk of further upside to and above the 0.9340 high on the week. The 0.94-0.9405 area is a support/pivot area and could be the next key resistance pivot if the current rally continues.