AUD/CAD slides toward 0.97695 as bearish momentum builds

AUD/CAD is behaving exactly as a downtrend should — making sellers comfortable and keeping buyers on the defensive near multi-week lows.

Price has slipped 0.09% on the session and trades inside a 0.9769 to 0.979005 daily range, extending a weekly decline of over 1.3%. No fresh macro catalyst is driving the move; this is a clean, methodical sell-off with the trend doing the work.

The structural read is clear. Price prints below EMA20 at 0.98081, EMA50 at 0.98384, and EMA200 at 0.98618, with all three stacked in a bearish sequence against the bid. The 1H and 4H trends are both pointed lower, though the daily holds neutral — giving the trend-follower a high-probability window to align with shorter-term momentum before the daily confirms. RSI is pressing toward oversold without yet reaching that threshold, suggesting room remains before a technical bounce forces reassessment. Volatility is calm, which typically supports trend continuation over reversal. Prior resistance at 0.98336 and 0.9805 is well overhead, and broken support levels now serve as overhead supply on any bounce.

We lean short and look to sell bounces into the 0.98050–0.98081 area. The immediate objective is a test of 0.97695; a clean daily close below that level opens the path toward 0.9742. A close back above 0.98081 invalidates the setup and forces a reassessment.