The current technical pattern on the AUD/CAD currency pair signals the development of the bearish sentiment after a continuous consolidation. A classic pattern, Triple Top (H4 timeframe), has been formed in the trading instrument. At the moment, the AUD/CAD quotes are testing the local support level of 0.90300. We recommend paying attention to this situation.
If the price fixes below 0.90300, it is necessary to look for entry points to the market to open short positions. The immediate goal for profit taking is the demand zone of 0.89800-0.89500. The movement is tending to the round level of 0.89000. When tracking a position, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account