AUD/CAD slides toward 0.97912 as downtrend extends

AUD/CAD is pressing its lowest print of the session with the trend stack pointing firmly lower and no catalyst in sight to stop the drift.

The pair is off 0.03% on the day and has shed more than 1.15% over the past week, trading a session range from 0.97912 to 0.98086. There is no headline catalyst driving the move; this is a clean continuation of an established trend, with the Australian dollar finding no fresh bid against a steady Canadian dollar.

From a momentum standpoint, the tape is doing exactly what a downtrend should. Price trades below EMA20 at 0.98394, EMA50 at 0.98646 and EMA200 at 0.98516, with the entire EMA structure stacked against any dip-buyer thesis. Trend is aligned lower on both the 1H and 4H timeframes, though the daily remains neutral, suggesting the selloff is still maturing rather than fully extended. RSI is deeply oversold, which flags exhaustion risk but in a trending regime is not a stand-alone reversal signal. Volatility is normal, meaning the move is orderly and not a capitulation spike. The nearest support shelf sits at 0.97963, then 0.97705 below.

We lean short and sell any rally into the 0.97963–0.98057 zone. A 4H close above 0.98057 resistance invalidates the bearish call and forces reassessment.