GBPCAD rejected off of the 1.76630 level and seems to be falling. On the 1H time frame I seen a double top forming. Price has broken through the level of support at 1.72823. Waiting on a retest and a short movement to 1.69413 level.
On the 4H time frame I see an over all buy. However, when i scaled down to the 1H time frame I seen that an M pattern was formed on the key level of 126.567 and that my smoothed moving average was above my candle sticks. I then scaled down to the 15 minute time frame to see if i seen a push in momentum and realized that it was a retracment. Looking to short until...
Over all, AUDCAD will do short to the 0.93136 area due to the fact that it is in a descending channel. I also have confirmation from my smoothed moving average being above my candle sticks. I am going to short until the key level of 0.93136 catching a bit of the retracement before it goes long to the 0.97766 zone.