AUDCAD is approaching our firsts resistance at 0.9471 (horizontal overlap resistance, 38.2% Fibonacci retracement, 100% Fibonacci extension, Elliot wave structure) where a strong drop might occur below this level pushing price down to our major support at 0.9332 (100% Fibonacci extension, Elliot wave structure). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.