Lingrid | AUDCAD Channel Resistance Selling Opportunity

Nov 6

AUDCAD rejected at 0.9186 resistance with a lower high under the descending trendline while stalling at the rising trendline confluence. Price action shows a series of lower highs after a range and fake break, pressing into the uptrend line from below. If 0.9186–0.9190 holds and price slips back under the blue trendline, a drift toward 0.9156 then 0.9126 support is likely; a decisive close above 0.9190–0.9200 would invalidate the short setup. Short-term momentum favors a bearish rotation within the broader resistance zone before any fresh attempt higher.

⚠️ Risks:

• Strong risk-on tone in equities/commodities lifting AUD relative to CAD.
  
• Reclaim and hold above 0.9190–0.9200, turning the confluence into support.
  
• Sharp oil weakness undermining CAD and reducing downside follow-through.

If this idea resonates with you or you have your own opinion, traders, hit the comments. I’m excited to read your thoughts!

Nov 7

Trade closed: target reached

+30 pips - target done well