AUDCAD appears to be forming an ascending triangle on the 4H timeframe, indicating that there may be further upside potential for the pair. Bulls should ideally wait for a break and retest of the resistance zone of the ascending triangle before looking to go long, as this presents a safer, more conservative approach. Furthermore, AUDCAD has been following along a supportive trendline, which price is currently at, thus making the long opportunity more attractive. A stop loss can be placed a few pips below the supportive trendline.
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Be sure to follow me for more ideas and analyses. Leave a comment with your thoughts below, all input is appreciated.
Best of luck traders!