AUD/CAD trend intact above 0.98789 support, targets 0.99294

AUD/CAD is doing exactly what a clean uptrend should: digesting a shallow intraday pullback without cracking the structure, with the full trend stack still pointing higher.

The pair has shed a modest fraction on the session and sits near the 0.987865 intraday low after pulling back from a high of 0.98979. That said, the weekly gain exceeds 0.81%, confirming buyers have been in control for the better part of a week. No macro catalyst defines the move; this is positioning-driven momentum, and the tape is behaving accordingly.

The setup is clean for a trend-following desk. Price sits above EMA20 at 0.98572 and EMA50 at 0.98499, with EMA200 at 0.98573 clustering tightly in the same zone to form a layered support band. That triple EMA confluence is constructive, trend is aligned up across all timeframes, RSI is firm without reaching stretched territory, and volatility remains calm — a low-noise momentum environment that tends to favour continuation. The prior context confirms intent: multiple resistance levels have been broken over the past week and support at 0.98789 has absorbed today's test. Resistance targets sit at 0.99294 and 0.99539.

We lean long, buying into the 0.98789–0.98801 zone on any further dip. A daily close below 0.98530 invalidates the trend read and requires a full reassessment.