AUDCAD - A pitstop before further fall?
In our previous idea we predicted a drop after bouncing off the upper channel line, which we've seen the beginnings of.
AUDCAD still appears bearish, but we are entering a Demand Zone that could create a bounce or choppiness, which might give those who didn't get short the chance to do so at a better price, if they also believe that price is likely to head toward the bottom of the channel, in line with the overall bearish trend on the higher timeframes.
Those already short may choose to take some profit off the table to reduce risk, with a plan to re-enter at a better price.
