7 more months of AUDCAD bearishness

FX:AUDCAD   Australian Dollar/Canadian Dollar
Monthly view of AUDCAD

1. Wave A is equal to wave C which reaffirms that fact that it should either be a correction wave set or the wave of a wave 1. (Price 1.07679)

2. Both wave A and C form diagonals.

3. In the wave 'b' of wave (i) of 2, the high (1.0352) had a direct fibonacci relationship with the starting point of wave 2 which makes wave 'b' a subwave of wave 2.

4. Wave C of 2 appears to be forming an expanding diagonal which faces severe resistance at levels 0.9381 and 0.9152.

Final Opinion : Since it will take roughly 7-11 candlesticks to get to the resistance levels, it will be wise to maintain a bearish outlook for this currency pair till then.
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