• AUDCAD broke long-term support level 0.9260
• Likely to fall to support level 0.9100

AUDCAD currency pair under the strong bearish pressure after the price broke below the key long-term support level 0.9260 (which has been steadily reversing this currency pair from the middle of last year). The breakout of the support level 0.9260 accelerated the active impulse waves 3 and (3) from the middle of July.

Given the continuation of the multi-month downtrend and the improved Canadian dollar sentiment on gains in oil prices, AUDCAD currency pair can be expected to fall further toward the next support level 0.9100 (target price for the completion of the active impulse waves 3).