See callout bubbles. An argument can be made for the longer-term trend being up. Looking at the M chart, AUDCAD pierced the 100EMA, but is holding steadily above it. Another thing that we have going for us is the recent weakness in Oil which is moving sideways to down.
I'm looking to possibly join the longer-term trend in the green highlighted area. There was a sharp selloff, so we might get some downward momentum bringing price into our zone so we can get long. Let's not get too excited though, but in the very least make our 2:1 risk/reward.
Always measure your risk and be okay with being wrong ; )