AUDCAD at upper trendline of descending channel on 1W

AUDCAD is currently trading at upper trendline of a descending channel on the weekly timeframe. This can give a good short opportunity with a confirmed rejection from the trendline and price moving below the resistance zone. Aggressive traders can take a short now with a SL above 0.932 as there is bearish price action on LTFs. With successful trade, I would book 50% of position at TP1, 50% of remaining at TP2 and all remaining at TP3 OR that also can be 50% split to go for TP4 ( touching the bottom trendline) with appropriate trailing SLs all along.

Order cancelled:

The HTFs are still very bullish and the price has pierced through the upper trendline. In fact there was a falling wedge (formed by joining the highs of 4th Apr and 8th Aug 22 and joining the lower lows from 31st Jan) gave a breakout in the week of 14th Nov . This breakout targets to 0.9444. RSI is still pointing up so there is high probability of reaching this target.