AUDCAD currency pair rising sharply today surges after the price formed the daily candlesticks reversal pattern Bullish Engulfing, highlighted below. Selected Alpha measures the strength of this reversal pattern at 6.01CandleScore points. The price also earlier formed the daily Hammer Doji candlesticks reversal near the major support level 0.9747. Next resistance level stands at the upper daily Bollinger Band 0.9389, nearly coinciding with the resistance level 0.9396. Selected Alpha rates the combined strength of the resistance area ahead of this currency pair at 318.11 RealStrength points.
The pair is also driven up by the strongly bullish Australian dollar sentiment as well as the significant Canadian dollar outflows as can be seen from the intraday FX sentiment analysis dashboard below: