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AUDCAD, Time frame: dailyAUD/CAD continues to trade within a broad consolidation phase after repeated rejection from the 0.9900-0.9950 resistance zone. Price action has failed to break through the upper range on several attempts, as highlighted by the recent rejection candles near the highs. Despite this, the broader structure remains supported as the pair continues to hold above the main macro support area.
Support and the 100-day SMA
The price is currently trading around the 0.9820 area, remaining above the 100-day moving average. This keeps the medium-term structure constructive, although recent selling pressure shows that buyers have lost some short-term momentum. As long as AUD/CAD remains above the 0.9750 region, the broader range support remains intact.
Resistance levels
The first key resistance level sits around 0.9850, followed by the stronger supply zone near 0.9900-0.9950. Should AUD/CAD reclaim 0.9850 and establish sustained acceptance above it, buyers could attempt another move toward the upper range. A clean breakout above 0.9950 would strengthen the bullish structure and open the door toward the 1.0000 psychological level.
Macro Support Continues to Protect the Uptrend
On the downside, the 0.9720-0.9755 area remains the critical support zone for buyers, combining the macro support shelf with the rising 100-day moving average. This area has repeatedly attracted demand during previous pullbacks. A sustained break below 0.9720 would weaken the setup and expose the 0.9650-0.9670 region as the next downside target.
Momentum
The Relative Strength Index (RSI) is currently hovering around 45, showing that bullish momentum remains limited after the latest rejection from resistance. The RSI remains below the neutral 50 level, indicating buyers have not yet regained stronger control. A move back above 50-55 would be needed to support a cleaner recovery.
Technical Outlook
The short-term bias remains cautiously constructive while AUD/CAD trades above macro support. Nevertheless, the 0.9750 region remains the key technical level for buyers, with a sustained break below this area likely to shift momentum lower, while a reclaim above 0.9850 could revive upside attempts in the sessions ahead.
Disclaimer: The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.
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