AUD/CAD Sell Setup, Divergence and Fib Resistance

AUDCAD has been in an overall downtrend so far and seems to face resistance at the 61.8% Fib level.

In addition to the Fib and horizontal resistance, the price has also formed a bearish divergence on the MACD.

Today's strong bearish candle and rising oil prices (positive for CAD) supports our view.