AUDCAD recently broke key, multi-month support level 0.88300 (which stopped the price at the start of October). The breakout of this support level continues the active impulse waves (iii), 3 and (3) – which started in January. Given the clear daily downtrend and the strong bearish Australian dollar sentiment seen across the markets today, AUDCAD is likely to remain under the bearish pressure and to fall further toward the next support level 0.87500 (target price for the completion of the active impulse wave (iii)).