AUD/CAD Edges Higher on Bullish Technical Momentum, Sellers Lurk
The Australian Dollar (AUD) is edging higher against the Canadian Dollar (CAD), driven by bullish technical momentum that supports gains. This trend is evident as the AUD/CAD trades above its key moving averages, near session highs at CA$0.9861 with an intraday gain of 0.53%.
However, despite this advance, technical indicators show persistent selling pressure and oversold momentum, suggesting a possible exhaustion among sellers. The forecast range over the next five sessions is CA$0.9812 to CA$0.991, with a 71% probability of a downward move.
The AUD/CAD's position above its 20-, 50-, and 200-day moving averages indicates a bullish structure across short, medium, and long-term horizons. Immediate resistance stands at CA$0.988, with support at CA$0.9854 and further backup from the Ichimoku Kijun at CA$0.9842.
Traders should monitor for a decisive break above or below the established CA$0.9854, CA$0.988 range to determine the next direction, as mixed momentum signals persist despite the technical rebound.