This week is the period of the triumph of supply on the AUDCAD. From the safe level of 1.0230, which was located inside the growth channel price  in  few days  fell down. First were broken support levels at 1.0230, 1.0150 and then AUDCAD reached the lower limit of the growth channel . This is where you would expect attack from demand. That has not happened, and last Wednesday a strong bearish candle visible on the H4 interval broke the mentioned level without stopping even for a moment also to the next support 1.0080.

Demand hoped that the psychological level of 1.0000 stops the triumph of supply, which as we have seen did not happen. It should be noted, however, that the next support is at 0.9960, and the daily candle continues  to form, and therefore it will be easier to assess the situation at the end of the day.

If the level of 0.9960 is broken than AUDCAD can expect to drop to the level of 0.9790. However, if the indicated level will trigger bullish rebound after a possible successful return above the 1.0000 growth impulse should reach the level of 1.0080. From this you can see that a possible upward correction may be quite shallow, and the potential decline is almost 200 pips.Wykres dla interwału H4.

Wykres dla interwału H4.

Error, group does not exist! Check your syntax! (ID: 3)