AUDCAD: Buy short term and sell at the top of the Channel.

AUDCAD is on a strong bullish reversal as the price made a new LL at the bottom of the Channel Down. The 1D time frame is still technically bearish (RSI = 41.867, MACD = -0.004, ADX = 60.849) and it won't start providing sell signals before it turns neutral at least. We will buy on the current market price and target the 1D MA50 (TP1 = 0.897500). On the 1D MA50 we will reverse to selling again, initially targeting S1 (TP2 = 0.878500) and if it gives a candle close under it, then we will extend selling to S2 (TP3 = 0..866300).

Prior idea:


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