AUDCAD seems to start correcting its upwards movements. We can use this opportunity to short AUCAD on 1H. It has already formes a downtrend pattern. We are looking for it to continue.
Thus we will try to enter the market at around 0.94881 (red dashed line) with a stoploss at around 0.95278 (green dashed line).
We will SHORT AUDCAD and trade the downtrend. Meaning that we will set our SL to the last lower high.
Which again proves the importances of SLs.