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Faraday: Shorting AUDCAD

Alex Joyner from Faraday Research is looking to short AUDCAD which has been trading inside a descending triangle pattern since the start of the year.

Last week the pair moved higher into resistance following a move by the Bank of Canada to cut rates. Joyner says that has now been priced in, which provides a good opportunity to short the pair.

The four hour chart shows how the price action has already begun to rotate lower from resistance and Joyner feels this downwards momentum should continue over the next few days.

By placing a stop above both the descending and horizontal levels of resistance and setting a target at the lower support, the risk/ reward ratio looks attractive, he adds.

00:46 minutes
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