AUDCAD Wave Analysis – 20 February, 2020

• AUDCAD broke key support level 0.8840
• Likely to fall to 0.8750

AUDCAD continues to fall sharply after the earlier breakout of the key support level 0.8840 (which has been reversing the price from the start of October, as can be seen from the daily AUDCAD chart below).

The breakout of the support level 0.8840 should accelerate the active medium-term impulse sequence (5) from the start of February.

Given the clear daily downtrend – AUDCAD is likely to fall further toward the next support level 0.8750. Strong resistance now stands at 0.8840.