• AUDCAD falling inside short-term impulse wave C
• Further losses are likely
AUDCAD continues to fall inside the short-term impulse wave C which recently reversed down from the key resistance level 0.9700 (former support from July) – intersecting with the support trendline from May.
The downward reversal from the resistance level 0.9700 created the daily Japanese candlesticks reversal pattern Shooting Star.
AUDCAD is likely to fall further and re-test the next strong support level 0.9570 (monthly low from May and the target price for the completion of the active correction (2)).