The AUDCAD is bounded in range below 1.0127 short-term nearest significant resistance line and intraday bias is bearish for more selling opportunities. Another fall cannot be ruled out as the rally extends lower. In that case, downside movement is expected to continue towards 1.0025 price mark or even lower. As continued bearish momentum remains in place pushing the currency cross inferior today, a follow through drop is now on track.

The RSI(14) has already tagged the 43-percent level at the thirty-minute chart, and is sustaining a likely move below the 30-percent margin suggesting maintenance of bearish propensity. The price action relative to the exponential moving average is gathering fast speed confirming selling intentions. Also at the thirty-minute chart, the MACD(12,26,9) oscillator is well below its midline and prices are capped down by downwardly-sloping EMA(10), EMA(20) and EMA(50) indicator lines around the 1.0110 area at a concrete bearish run. The thirty-minute descending price activity which is firing up the AUDCAD pair’s fall seems to further gather significant downside momentum as market-players bet for a weaker Australian dollar in the approaching exchanges, as the confluence of events over the past week has taken the wind from the Australian dollar’s sails and contributed to the drop through support in a manner suggesting that this move has further to run.

 

At the moment, sustained bearishness warrants a short AUDCAD trades as the price action just below the recorded minimum price mark on Friday shows increasing threat of further depreciation of AUDCAD’s quotes in the approaching deals. Thus, a sell strategy remains compelling in trading the Aussie-Loonie pair during the day.