Watch out for a short in AUDCAD, 4H chart

AUDCAD is trading a rising channel, which looks like a consolidation phase of a longer-term downtrend in the pair.

The pair might continue to trade inside the rising channel until the longer-term falling trendline is reached, after which traders could enter with a short position if the trendline resistance holds.

Rising oil prices, as shown in one of my previous analysis, could also support the Canadian dollar in the short-term.