AUDCAD - Reject critical zone to head lower?

PAIR IN FOCUS: AUDCAD
ACTION: SHORT
HORIZON: SHORT-TERM

Price is currently in the critical zone and looks to reject it. Expecting some bearish momentum on this pair towards TP 1, and if it breaks strongly, then TP 2 will be in play as well. Other CAD pairs are signalling a price correction with bearish RSI divergence as price is overextended, which helps in my bearish bias for XXXCAD pairs.

Important point to note is that the inflation results from Canada will probably be the make or break factor for this trade.

The TP levels and Stop loss have been indicated on the chart. Remember to manage your risk!

Feel free to discuss and comment, Cheers!

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