AUD Falls Amid Weak PMI Data as CAD Gains Support from Oil Prices

The Australian Dollar (AUD) has come under pressure after weaker-than-expected PMI and employment data released in Australia. The Canadian Dollar, on the other hand, gained support from higher oil prices and a softer US Dollar.

AUD/CAD is currently trading at C$0.9872, showing a daily gain of 0.64%. Despite this, it remains above its key moving averages, indicating underlying support from recent price action.

The AUD/CAD pair has been exhibiting strong bullish momentum, with overbought signals and a likely trading range of C$0.9823 to C$0.9921 in the next 2-3 days. However, caution is advised due to stretched rally conditions.