Although the AUDCAD appears to be in a consolidation phase, our outlook for the currency pair remains bearish.
We anticipate an initial pullback to the 0.8940 area, where we plan to initiate a short position.
Subsequently, the downtrend is expected to persist.
This trade idea presents a favorable risk-reward ratio of approximately 2.5:1.
We anticipate an initial pullback to the 0.8940 area, where we plan to initiate a short position.
Subsequently, the downtrend is expected to persist.
This trade idea presents a favorable risk-reward ratio of approximately 2.5:1.