AUD/CAD: Bearish Trend Continues - SHORT Setup

As of today, the AUD/CAD exchange rate has been displaying a consistent bearish trend, characterized by a series of lower highs and lower lows. Notably, on 23 April 2023, the pair reached a high of 0.9100, followed by a subsequent drop in value to its current level of 0.9000.

Further analysis reveals that the exchange rate has been trading within a symmetrical triangle pattern, with a clear bearish bias. However, recent price action appears to have broken the lower boundary of the pattern, signaling a potential continuation of the prevailing bearish trend. As such, market participants are currently on the lookout for bearish trading opportunities in this scenario.

Overall, given the AUD/CAD's recent price movements and technical patterns, it appears that the exchange rate may continue to trend downwards, with the next potential support level serving as a target for bearish traders.