AUD/CAD slides toward 0.97692 support as downtrend extends

AUD/CAD is grinding lower with conviction, and the EMA stack overhead is not inviting any meaningful recovery attempt.

The pair has shed roughly 1.43% over the past week, printing an intraday range of 0.976855 to 0.981275 before settling around current levels with a further 0.28% decline on the day. There is no specific news catalyst behind the move; the selling pressure is technically driven and consistent with the prior week's trend, during which multiple support levels broke in succession.

The structure is straightforwardly bearish. Price sits below EMA20 at 0.98272, EMA50 at 0.98529 and EMA200 at 0.98660 — the full bear stack is in place. Trend is aligned lower across the 1H and 4H timeframes, reinforcing the momentum signal. RSI is in oversold territory, which flags the potential for a short-covering bounce but does not argue for a trend reversal in isolation; oversold can stay oversold in a sustained downtrend. Volatility remains calm, meaning the drift lower is orderly rather than panicked, and the first meaningful support sits at 0.97692.

We look to sell any rally into the 0.98272–0.98336 zone where EMA20 and first resistance converge. A daily close above EMA50 at 0.98529 invalidates the bearish setup and forces a reassessment.