AUDCAD Analysis 05 November, 2020

• AUDCAD broke key resistance level 0.9420

• Likely to rise to 0.9550                                                                                          

AUDCAD recently broke sharply above the key resistance level 0.9420 (top of the previous impulse wave (i)), intersecting with the resistance trendline of the daily don channel from the middle of September.

The breakout of the resistance level 0.9420 accelerated the active short-term impulse waves (iii) and 1.

AUDCAD is likely to rise further toward the next resistance level 0.9550 (which reversed the price at the start of October).