AUDCAD: Following the DESCENDING CHANNEL

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🟢Forex Pair:
AUD/CAD

⚪Technical Analysis:
Since the beginning of January 2021, the price has been showing few signs of weakness, it re-tested many times the support zone at about 0.97800 and few days ago it finally broke it.
Few hours ago a nice downbar closed under the support zone and there is a good possibility to see the price falling down until its next support zone at about 0.96700.

🔴Conclusion:
Since the 27th of January, the price has been moving inside a descending channel, and I'm confident to see a new re-test of the level 0.97700 before collapsing down.
I'm already holding a short position and I'd be ready to open another position once I'll eventually confirm a pullback on the S/R zone.

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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni