AUDCAD is currently trading close to the powerful, multi-month support area lying between the support level 0.89050 (low of the previous impulse wave (1) from the start of January), support level 0.88850 (low of the Morning Star from October) and the lower daily Bollinger Band. Given the strength of the aforementioned support area and the oversold reading on the daily Stochastic indicator – AUDCAD is likely to remain under the bullish pressure today and to correct up to the next resistance level 0.89500 (which stopped the previous wave B).