There is a strong downtrend on AUDCAD
lasting more than half a year, but this could change very soon! This currency pair is on the important zone, where we will probably see a pullback upwards. AUDCAD
is currently at low of the trend channel which supports the idea that this currency pair will go up. Important is to wait for a buy signal and that would be strong and fast fall. There are two ways to approach this trading idea. First is to buy at support and use big stop-loss like 100-200 pips and try to catch a bigger trend, or wait for the market to give you the signal, which will probably come on Friday on 5th of October. There is a fundament for CAD - an unemployment rate. The market will probably push downwards until the results will come and then the market will go up. So, the second entry could come soon before the fundament with stop-loss 40-80 pips and it would make risk-reward ratio ( RRR
) much bigger. Good luck traders!