AUDCAD recently reversed down with the daily Bearish Engulfing from the resistance area lying between the key resistance level 0.9110 (which has been reversing the price from the middle of September) and the upper daily Bollinger Band. Given the strength of the daily downtrend and the widespread bearish Australian dollar sentiment seen across the markets today – AUDCAD is likely to remain under the bearish pressure and to fall toward the next support level 0.8970 (low of the previous minor correction B).
