The AUDCAD pair appears poised for further downside as it remains firmly within a bearish channel, showing a repeated pattern of stability within these bearish levels. Additionally, a key resistance at the 0.8680 level has been established, signaling a potential move towards the 0.8625 level.
The presence of negative momentum, as indicated by the stochastic oscillator’s attempt to reach the oversold level, further enhances the likelihood of new bearish movements. This suggests that the pair may target the 0.8585 level with potential extensions down to 0.8510 over the medium-term trading horizon.
The anticipated trading range for today is expected to fluctuate between 0.8660 and 0.8585.
Overall, the prevailing trend for today is decidedly bearish.