AUDCAD - 2nd Level of Structure

When I first took a look at this on Friday afternoon I mentioned that I had a sneaky suspicion that the first level of structure would not hold & I would be very hesitant about looking for trading opportunities at that area. As I come back to check the charts now I see that we actually ended up violating that level before the days end.

This sets up 2 potential trading opportunities for the week ahead. If you're a trend trader you can look for buying opportunities up until the higher level of structure above. If you're a countertrend trader then the key will be to wait until price reaches that higher resistance level before looking for shorts.

Akil