$AUDCAD - Head and Shoulders about to form

Right now, AUDCAD is trading in a no-trade zone which means that price is in a transition phase where the next phase is unknown.

A bounce off the 1.015 could lead to another run into the highs.

A break lower, however, could trigger a short trade here.

Gold has already led the way lower but AUDCAD still managed to hold up here which is also something that means caution.