AUDCAD may provide shorting opportunities, as the short term technicals point to further downside.
-The price is trading in a clear short term bearish channel, within the context of the longer term bull channel. -The price has broken 1.0000 horizontal support and psychological barrier. -MACD completed a bearish crossover, while Histogram is bearishly divergent. - A potential target is at the support of the rising channel, and near 0.9820 level. - The short term bearish channel may unfold to be a bullish flag continuation pattern, and therefore a break above that channel may negate the bearish scenario, and signal the continuation of the bullish trend within the main rising channel.