• AUD/CAD broke major support level 0.9570
• Further losses are likely
AUD/CAD continues to fall after the recent breakout of the major support level 0.9570, which has previously reversed the price in last December and in May of this year, as can be seen below.
The breakout of the support level 1200.00 accelerated the active short-term impulse wave 5 – which is a part of the medium-term impulse wave (3) from the start of June.
The pair is expected to fall further and retest the next support level 0.9450 (target price calculated for the termination of the active impulse wave 5).