AUDCAD Wave Analysis 16 October, 2020

• AUDCAD broke support area

• Likely to fall to 0.9270

AUDCAD recently broke the support area lying between the support level 0.9380 (which stopped the previous downward impulse wave (i)) and the support trendline from May.

The breakout of the support level 0.9380 coincided with the breakout of the 50% Fibonacci correction of the upward impulse from May.

AUDCAD is likely to extend the losses toward the next pivotal support level 0.9270 (low of waves (a) and (c) from June).