• AUDCAD falling inside impulse wave 5
• Further losses are likely
AUDCAD continues to fall inside the short-term impulse wave 5, which started earlier from the resistance area lying at the intersection of the key resistance level 0.9500 and the lower trendline of the recently broken weekly down channel from 2017.
The downward reversal from this resistance area created the weekly Japanese candlesticks reversal pattern Shooting Star.
AUDCAD is expected to fall further and retest the next support 0.9200 (forecast price for the completion of the active impulse wave (3)).