• AUDCAD reversed from support area
• Likely to rise to resistance level 0.9455

AUDCAD currency pair recently reversed up from the support area lying between the key support level 0.9350 (which also stopped wave 2 in last October) and the lower daily Bollinger Band. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which follows the earlier upward reversal pattern Piercing Line.

Given the strength of the aforementioned support area and the growing Canadian dollar bearishness seen across the FX markets today – AUDCAD can be expected to rise further toward the next resistance level 0.9455 (former support from the end of April).