AUDCAD has reached its resistance level after a cut in the benchmark interest rate by the Bank of Canada caused a collapse in the Canadian currency. I have entered my short position in this currency pair as I expect profit taking to follow and I will enter more short positions every 50 pips higher from here until we reach 1.0200. Forex traders will seek good short entry opportunities in this currency pair and should have more than one entry in this trade in order to reduce risk.
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