The price of the AUDCAD has fallen sharply in recent months. Nevertheless, it can be observed that the price repeatedly shows corrections in the long direction. Such a pullback could now be imminent again.
We wait with the entry until the price reaches the area at 0.8580 to optimize our risk-reward profile.
We set a tight stop loss and target the lower edge of a sliding zone, which also forms the 38.2% retracement of the recent overarching upward movement.