AUDCAD Wave Analysis – 20 January, 2022

• AUDCAD reversed from key support level 0.8970

• Likely to rise to resistance level 0.9100

AUDCAD recently reversed up from the key support level 0.8970 (previous monthly low from December), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 0.8970 created the daily Bullish Engulfing – which stopped the previous sharp downward impulse waves (iii) and 3.

AUDCAD can be expected to rise further toward the next resistance level 0.9100 (which stopped the previous corrective wave (ii)).