AUDCAD has been a very interesting pair recently, one I've followed closely but not really been able to catch much movement on. Finally on the daily chart now, we can see price has approached a support level that has been in place since September '19, with several rejections from this 0.915 level and I'm expecting another rejection here with the formation of a few consecutive tops showing the market rejecting any proper breakouts(the AUDCAD pair has been weakening over the past 5 years so lots of room to the downside here). Not expecting miracles, there's not a huge amount on my watchlist this week, but a nice 2.4:1 risk reward if my order gets triggered early Monday.
I'm hesitant about placing this trade, there isn't much of a pattern present and the candlesticks don't hold that much firm data inside them, I would have liked to have seen nice wicks slowing clear upside rejection, so I may just enter this on my demo account This structure allows me a nice tight stop loss at 60 pips wish and a nice take profit down at 150 pips ish.
I wish you all the best of luck and a prosperous trading week.
10 pips away from being stopped out! Trade now moving nicely my order was triggered and I will now close my TP1 position for +85 pips and move stop to entry on my second position. Caught some great overextension moves on the AUD this morning hope you guys did too!