Based off the steep decline of AUD, a majority if not all of AUD pairs are bearish. AUDCAD has been bearish for a significant time, trading below the 200 EMA for months indicating we are looking for shorts. On the daily, you can see sellers are in control because price was able to push through a key support and is also retracing. In addition, you can see price has created a bearish flag pattern indicating selling pressure. In order to sell, I would like to see rejections by the broken support.
