AUDCAD - Possible Reversal

AUDCAD

Several phases of correction has already been showed. 2 consecutive ascending channels which is a possible sign for reversal. Aside from the pattern, the price has already reached the 3rd time at the strong resistance line (Blue line). Much better if you can draw the trend line by yourself on the weekly TF.

In case this prediction is right, we can set 2 different entry levels depending on your risk appetite. The first one is aggressive but has the potential to give us more profit, and the second one is conservative entry which is safer because of the added breakout confirmation.

I can see 2 possible Take profit levels. 1st TP is based on the 90% rule which is, 90% of the time, prices goes back to the first wave of the correction. 2nd TP is self explanatory. :D
This is definitely something to look forward to.