AUDCAD DISTRIBUTION, BREAK/RETEST AND PREPARATION FOR DECLINE

After a 6 months advancement, AUDCAD might be brewing a decline. We see a distribution after the advancement, followed by a break of distribution range support, signaling end to distribution. Now price is back for a retest of support now turned resistance and the presence of 200MA at that same support turned resistance area further suggests possible additional strength that will hold price from going up. If however price happens to push back into the range, we can expect distribution to continue for a short while. If resistance holds and price reverses, we might be on time to catch the start of a new trend to the downside, and Christmas would come early for trend followers. Cheers!