AUDCAD Short Trade Opportunity

Following the mild beat on AUD CPI data , Aussie is having a small relief rally.

Based on my scribbled AUDUSD chart it has some secondary trendline resistance levels and horizontal resistance around 69200.

Chart Link - https://www.tradingview.com/x/KaKpsCTz/

Reverting to my recent weekly and monthly analysis post AUDCAD had recently broken down on a Monthly Trendline support level ( chart below )

Chart Link - https://www.tradingview.com/x/cKnmYZGe/

The CAD is showing some mild strength following the Oil Price ( chart below USDCAD with inverse Oil price )

so I will look to sell the mild AUD rally against the CAD strength between now and the early European Session noting that CAD GDP follows a few hours later.

Will base entries off a shorter term 4 Hour Chart with suggested entry levels and stop highlighted in the chart below . It's likely more prudent to trade it in smaller size considering the CAD data is coming , and perhaps trade it with a 2 entry based approach and going flat an hour before the data.

Chart Link - https://www.tradingview.com/x/zkM3CWOZ/

cheerio
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