• AUDCAD broke resistance area
• Likely to rise to resistance level 0.9420
AUDCAD currency pair recently broke the resistance zone located between the pivotal resistance level 0.9300 (which reversed the price the start of August), resistance trendline from May and the 61.8% Fibonacci correction of the previous downward impulse 1 from the middle of July. The breakout of this resistance area accelerated the active short-term corrective wave 2.
Given the rising bullish Australian dollar sentiment as seen across the FX markets today – AUDCAD currency pair can be expected to rise further toward the next resistance level 0.9420 (previous monthly high from July).