Technical analysis

AUDCAD Wave Analysis 29 April, 2021

• AUDCAD broke daily up channel

• Likely to fall to support level 0.9530

AUDCAD recently broke the support trendline of the daily up channel from April (which enclosed the previous upward impulse wave (1)).

The breakout of this up channel accelerated the active impulse wave C of the ABC correction (2) from the middle of April.

AUDCAD is likely to fall further toward the next support level 0.9530 (target price for the completion of the active impulse wave C).

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