AUD/CAD holds EMA stack above 0.98735 as uptrend stays intact

AUD/CAD is digesting a strong weekly advance just above the EMA20, with the broader uptrend keeping a firm floor under any intraday weakness.

The pair is marginally softer on the day, off roughly 0.09%, and trading within a narrow 0.987835 to 0.989545 range. There are no major macro catalysts in this window, leaving the tape to trade on pure positioning and momentum — and for now, momentum is holding well after a clean 1.3% weekly advance that saw multiple prior resistance levels swept and left behind.

The structure from a trend-following lens is constructive. Price sits above EMA20 at 0.98735, EMA50 at 0.98596, and EMA200 at 0.98612, with the full EMA stack ordering intact. The 4H and daily trends remain pointed higher, even as the 1H has gone neutral on this consolidation, giving the overall picture a mixed short-term read. RSI sits neutral and is well off overbought territory, leaving room for continuation. Volatility is calm, which typically favors trend extension over reversal. The pair has consistently attracted bids near the 0.98786 support over the past week, and that level remains the first line of defense on any dip.

We look for pullbacks into the 0.98735–0.98786 zone to be met with fresh buying interest. A daily close below EMA50 at 0.98596 invalidates the bullish bias and signals a deeper corrective move.