• AUDCAD broke support zone
• Likely to test support level 0.9600
AUDCAD currency pair under the bearish pressure after recently breaking the support zone lying between the support level 0.9675 (former strong resistance from July of 2020) and the 38.2% Fibonacci correction of the previous upward impulse from the middle of October. The breakout of this support zone accelerated the active short-term impulse wave C of wave (2) from February.
Given the predominantly bullish sentiment affecting the Canadian dollar today – AUDCAD currency pair can be expected to fall further toward the next support level 0.9600 (former support from the middle of December and the target price for the completion of the active minor impulse wave (i)).