AUDCAD recently reversed up with the daily Japanese candlesticks reversal pattern Piercing Line from the support zone lying between the key support level 0.88400 (multi-month low from October) and the lower daily Bollinger Band. The price earlier broke above the resistance level 0.88900 – which should strengthen the bullish pressure on this currency pair. Given the strength of the aforementioned support zone – AUDCAD is likely to extend the gains toward the next resistance level 0.89500 (50% Fibonacci correction of the previous downward impulse wave from the middle of January).