AUD/CAD holds EMA stack as 4H/1D uptrend eyes 0.99294

AUD/CAD is grinding through a tight intraday consolidation, but the weekly structure remains emphatically in the bulls' favour after the pair cleared a succession of resistance levels over the past seven sessions.

The pair is marginally softer on the day, off 0.13%, and has traded inside a 0.98700 to 0.98979 range. There are no fresh macro catalysts driving today's drift; the soft tone looks like natural digestion after last week's advance that sliced through multiple prior supply zones now sitting well below current price.

For a trend-following desk this is the setup we want to see. Price holds comfortably above EMA20 at 0.98598, EMA50 at 0.98512, and EMA200 at 0.98579, with all three stacked in bullish sequence. The 4H and daily trends remain pointed higher, and while the 1H trend has gone neutral — the tell-tale sign of consolidation rather than reversal — trend alignment across the dominant timeframes still favours the bulls. RSI is firm without being stretched into overbought territory, and volatility is calm, which argues that momentum has room to extend without exhaustion. The first meaningful supply sits at 0.99294, with 0.99539 beyond that.

We buy dips into the 0.98789 support and EMA cluster confluence zone. A daily close beneath EMA50 at 0.98530 invalidates the call and shifts positioning to neutral.