The chart below shows AUD/CAD has been in a bullish impulse since the 21st of October it completed our wxy pattern. Since then, we have been moving higher and have reached the 161.8 Fibonacci extension of wave i projected on ii at 0.95915. 

We are now looking for a correction lower before we continue higher. The correction marked below is for an expanded flat correction to complete the abc correction at 0.94997. 

We have 3 waves down as part of wave a. We are now forming 3 waves up for b and, the final move will be 5 waves down for c to complete our corrective pattern. At 0.94997 we can start looking for long positions.

Key news events to look out for Private Capital Expenditure q/q.

Res: 0.95933; 0.95500; 0.96815
Sup: 0.95382; 0.95000; 0.94475

None of the material published constitutes a trading recommendation of any particular security, portfolio of securities or investment strategy. This should not be taken as personal advice concerning nature, potential, value or suitability of any particular security, portfolio of securities, investment strategy or other matter. Past performance does not guarantee future results.

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