JICPT|AUDCAD daily short setup

Hello forex traders. I just identified a short setup of AUDCAD on the daily timeframe. This is a momentum play combined with multi-timeframe analysis.

1. Weekly chart: pivot low got violated with momentum to the downside. Price has pulled back to the downtrend line, creating potential short opportunities.

2. Daily chart: flip with supply structure which happens to be in line with the weekly chart.

CAD has a high correlation with crude oil which has fallen by over 2% today. Now it sat around a key level. The rebound of the crude oil(if it happens) will help us to push down the AUDCAD.

What do you think? Give me a like if you're with me.

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The red line I drew was being tested once and price closed above the level.

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On the 60m chart, the momentum to the upside is strong. The uptrend channel needs to be violated or it will continue to go higher.

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Selling pressure

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The stability of the crude oil gave us a hand!

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Momentum plays.

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On the daily chart, it continues going down with crude oil bouncing back from key structures.