• AUDCAD broke support area
• Likely to fall to support level 0.9500
AUDCAD currency pair recently broke the support area lying between the key support level 0.9625 (former resistance from April and March) and the 50% Fibonacci correction of the previous sharp upward ABC correction from the end of March. The breakout of this support area accelerated the active medium-term downward impulse wave (1).
Given the continuation of the bullish Canadian dollar sentiment seen across the currency markets today – AUDCAD currency pair can be expected to correct down further toward the next support level 0.9500 (which stopped the previous sharp downward impulse wave (5) at the end of March).