Take note that black candles on my chart are bullish engulfing candles while the yellow candles are bearish engulfing candles. Let us take a look at the weekly chart for this currency pair.
On observing this chart, you will see that 0.91560 is a very important area of value. It has acted as support since July 2013 before being broken around July 2019. It now acts as a resistance level since then.
Last week price got close to the resistance level and got rejected forming a hammer. This is a strong reversal signal considering the fact that we are viewing it on the weekly time-frame. It is advisable to look for opportunities to short AUDCAD around this area.
View my entry, stop loss and take profit points on the daily time-frame.