The AUDCAD pair has succumbed to a pronounced bearish sentiment, marked by successive negative closures beneath the critical 38.2% Fibonacci correction level at 0.8942. This trend has intensified, leading to a robust downward move, reaching as low as 0.8860.
The prevailing negative stance, evident in the sustained position below the MA55, coupled with the stochastic indicator’s inclination towards providing additional negative momentum, reinforces the likelihood of continued negativity. Investors are advised to anticipate further downside, with potential targets at 0.8820 and 0.8790.
The anticipated trading range for the current session is expected to fluctuate between 0.8890 and 0.8820, underlining the persistence of volatility in the AUDCAD pair.
Today’s trend is expected to remain bearish, as the pair faces ongoing pressure. Traders should closely monitor the market dynamics, paying particular attention to key support and resistance levels, to make well-informed decisions amid the evolving AUDCAD landscape.