AUDCAD Wave Analysis – 07 January, 2020

• AUDCAD broke strong support level 0.8980
• Likely to fall to 0.8900

AUDCAD continues to fall inside the sharp impulse wave (1), which previously broke through the strong support level 0.8980 (which has reversed the price multiple times from November).

The breakout of the support level 0.8980 follows the earlier breakout of eth daily up channel from the middle of October.

AUDCAD is likely to fall further toward the next support level 0.8900 (former support from October) – the breakout of which can lead to further losses toward 0.8830.