The AUDCAD pair exhibited a series of corrective bullish movements, recovering ground and ascending to the 0.8820 mark. However, this ascent was capped by the presence of the 61.8% Fibonacci correction level, creating an additional obstacle that validates the continuation of the prevailing bearish sentiment in the forthcoming period.
The current scenario necessitates the development of fresh negative momentum to facilitate the initiation of a downside offensive, with initial focus aimed at the 0.8705 support level. Subsequent to this, there is potential for renewed pressure on the 0.8620 hurdle.
For the day’s trading, the projected range is situated between the levels of 0.8800 and 0.8705, highlighting the ongoing bearish outlook that characterizes the pair’s movement.
Anticipated Trend for the Day: Bearish