AUDCAD Technical Analysis Report 24 March, 2021

• AUDCAD broke support area
• Likely to reach support level 0.9550

AUDCAD currency pair recently broke the support zone between the support level 0.9615 (which stopped the pervious short-term impulse wave (i) at the start of this month), the support level 0.9585 (low of wave (ii) from December) and the 50% Fibonacci correction of the pervious upward impulse (1) from the middle of October. The breakout of this support zone accelerated the active short-term impulse wave C.

Given the strength of the active impulse wave C and the strengthening bullish sentiment affecting the Canadian dollar today – AUDCAD currency pair can be expected to fall further toward the next support level 0.9550 (target price for the completion of the active minor impulse wave (iii)).

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