AUDCAD Technical Analysis Report 31 December, 2020

  • AUDCAD broke key resistance level 0.9765
  • Likely to rise to 1,0000

AUDCAD currency pair recently broke above the key resistance level 0.9765 (which has been reversing the price from the middle of December) intersecting with the upper resistance trendline of the daily up channel from the middle of October. The breakout of the resistance level 0.9765 accelerated the active impulse waves 3 and (3) which started earlier this month.

Given the strength of the active impulse waves 3 and (3), the predominant daily uptrend  and the rising Australian dollar sentiment seen across the currency markets today – AUDCAD is likely to rise further toward the next resistance at parity. Strong support now stands at the support level 0.9765.


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