Short opportunity on AUDCAD based on Price Action.
it seems like AUDCAD pair needs to retest strong support level before trend reversal and we may have an opportunity to short it with a very nice Risk/Reward ratio.
Also from fundamental perspective based on COT Data it is noticeable that Australian Dollar net long position added and some shorts closing in Canadian Dollar so this is why we see corrections.
In the other hand last week Oil price started to show signs of being alive and if Russia / Saudi Arabia negotiations not blow up with any pressures from sides then this week is the week of Oil to rally up and everyone knows that CAD is supper related to Oil prices.
From technical prospective, i see some signals of reversal and two structure couldn't hold the price so lets see what is going to happen this week.
Note: if we have any update in the progress of this trade i with post in status below.
Cheers. CMFX
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I suggest checking small time frames for better entry :
Trade active
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Reaction to trend line not happened and there is possibilities to see more upside pushing. i personally not enter the market yet because i always check small time frames and in this case i didn't got small time frames confirm but anyway its better to close any sell position if you already started below trend line. and wait for market makers reaction on stop hunting and then downside momentum.
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1H time frame not confirmed seller pressure yet at the moment