AUD/CAD slides under 0.98011 EMA20 as bearish trend extends

AUD/CAD is grinding lower with the 4H trend on offer and every meaningful moving average stacked above current price — the tape is not inviting buyers.

The pair shed 0.24% on the day, printing a session range between 0.97881 and 0.98248, with price settling in the lower half of that band. No high-impact news catalysts crossed the wire in this window, so the move is purely technical and flow-driven, with the prior week's bearish bias carrying through.

From a momentum perspective the picture is instructive. Price trades under EMA20 at 0.98011 and EMA50 at 0.98211, with EMA200 at 0.98559 offering a distant ceiling that underscores how far the pair has deteriorated over the medium term. Trend alignment is mixed across timeframes, with the 4H firmly down while the 1H and 1D sit neutral — that combination typically flags continuation rather than reversal. RSI sits in neutral territory, consistent with a bearish drift that has not yet reached oversold extremes, and volatility is calm, which tends to favour trending moves over sharp reversals. The first meaningful support cluster sits at 0.97894, followed by 0.97693.

We lean short and sell any intraday lift into the 0.97966–0.98033 supply zone. A 4H close above 0.98033 resistance invalidates the call and forces a reassessment.