AUD/CAD: Weekly Discussion for the Week of Jan. 4- Jan. 9

The AUD/CAD is looking to have some upside potential for the coming week. After down-trending for a while, the pair has posted a bullish engulfing on the weekly at a supportive level, following last week’s weekly doji. Weekly candlestick patterns generally carry some significant weight, especially when arriving at a weekly support&resistance zone. Looking at the structure of the move higher on the 4H chart, we can see the pair broke the EMA band on the back of some impulsive looking candles. Currently, we’re looking for a slight correction back to the EMA or FIB area, for us to long the pair in expectation of another bullish week.