• CADJPY broke support area
• Further losses are likely
CADJPY continues to fall after the earlier breakout of the support area lying between the major support level 83.15 (which also reversed the A-wave of the active medium-term ABC correction (2) from May) and support trendline of the wide daily up channel from March.
The breakout of this support area accelerated the active short-term impulse wave C which is a part of the aforementioned ABC correction (2).
CADJPY is likely to fall further and re-test the next support level 81.00 (which stopped the sharp downtrend in March and which is target price for the completion of the active wave (2)).