After making an impulsive wave down, the pair has made an ABC ZigZag correction which I think has come to and end so it's time for sell. I'll wait for a correction before entering the trade.
My conservative target is the 1.661 level but I think it will go down lower than that.
My bias for AUDCAD is bullish for the moment. We are currently in a correction after an impulse so buying the breakout of the correction is a good idea. I think AUDCAD may move higher than the 1.618 level but let's take it step by step.