📉The AUDCAD pair is currently in a downward trend that has been ongoing for a while.
It recently reached a level of 0.882, which prompted a correctional movement in the form of a bearish flag pattern.
However, after testing a resistance level at 0.8920, the price formed a strong bearish candle last week, breaking the support of the flag. This indicates that the pair is returning to its overall downward trend.
I anticipate that the bearish movement will continue, potentially reaching levels of 0.8821 or 0.8782.
If looking to enter the market, it may be worth considering a retest of the broken trend line as an opportunity...Trade safely 👍✅
It recently reached a level of 0.882, which prompted a correctional movement in the form of a bearish flag pattern.
However, after testing a resistance level at 0.8920, the price formed a strong bearish candle last week, breaking the support of the flag. This indicates that the pair is returning to its overall downward trend.
I anticipate that the bearish movement will continue, potentially reaching levels of 0.8821 or 0.8782.
If looking to enter the market, it may be worth considering a retest of the broken trend line as an opportunity...Trade safely 👍✅
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