AUD/CAD slides toward 0.97705 as bearish trend extends

AUD/CAD is grinding lower with conviction, and nothing in the tape is arguing for a reversal just yet.

The pair has shed more than 1.2% over the past week and trades near the bottom of its daily range, which spans 0.97766 to 0.980855. The 0.97963 support level — which held briefly in the prior session — has since cracked, leaving the 0.97705 shelf as the next meaningful bid. No fresh macro catalyst is driving the move; this is clean trend continuation.

From a momentum standpoint the structure is clear. Price sits well below EMA20 at 0.98355, EMA50 at 0.98620, and EMA200 at 0.98517, all of which now act as layered resistance and confirm the sellers own this range. The 1H and 4H trends are both pointing lower, though the daily remains neutral, leaving overall trend alignment mixed. RSI is deep into oversold territory, which is worth flagging: on a trend-following desk, oversold in a downtrend signals momentum rather than exhaustion, and we lean into that read. Volatility is running at normal levels, keeping intraday noise manageable.

We sell rallies into the 0.97963 to 0.98026 resistance pocket. The 48-hour target is 0.97705, with 0.97498 as the secondary objective. A daily close above 0.98026 invalidates the trade and signals the correction is absorbing supply.