AUDCAD Entering Area of Historic Supply

FX:AUDCAD   Australian Dollar/Canadian Dollar
116 0 0
Similar to its currency cousin, AUDUSD             , the AUDCAD             cross is also entering an area of historic supply going back quite a few years. On this monthly chart, we can see that price has made it right into the zone of resistance where bears have been quite happy to sell the pair aggressively on a number of previous occasions. Evidence of any weakness in this area could be a good signal to initiate short positions.
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