AUD/CAD holds EMA20 bid as 4H/1D uptrend stays intact

AUD/CAD is grinding through a shallow intraday pullback inside an otherwise intact uptrend, and the tape is telling a clear story for those willing to read it.

The pair is fractionally softer on the day, off its 0.99206 session high and trading near the 0.989485 intraday low. The one-week change remains firmly positive as AUD/CAD has systematically cleared a succession of prior resistance levels — all of which now form a layered demand structure beneath current price.

The setup favours continuation. Price sits above EMA20 at 0.98978, EMA50 at 0.98778 and EMA200 at 0.98694, with the full EMA stack bullishly ordered. The 4H and daily trends are both pointing up, while the 1H has gone neutral — consistent with healthy consolidation rather than reversal. Trend alignment across timeframes is mixed at the margin, but the higher-timeframe structure dominates. RSI sits in neutral territory with room to the upside, and volatility is normal, meaning momentum has scope to extend without overheating. The trend-following read is that shallow dips into the 0.98978–0.98938 zone, where EMA20 and nearest support converge, offer a constructive entry before the next leg toward 0.99325 resistance.

We look to buy dips into 0.98978–0.98938. A daily close below EMA50 at 0.98778 invalidates the bullish case and argues for a full reassessment.