AUDCAD is going to bearish trend

In the 1-hour time frame, we've observed a significant bearish divergence, which is a clear indication of potential downside pressure. This divergence, combined with the double top formation, suggests that bearish sentiment currently outweighs bullish sentiment.

Bearish Divergence: The bearish divergence occurs when the price makes higher highs while the relevant technical indicator, such as the Relative Strength Index (RSI), makes lower highs. This divergence often signals a weakening bullish trend and potential reversal.

While these indicators point towards a potential bearish outlook, it's crucial to keep in mind that market dynamics can change quickly. Traders and investors should exercise caution and consider various factors before making any trading decisions.

Please stay tuned and follow for more intriguing market insights and trade ideas.