FxWirePro: AUD/CAD extends weakness below 21-EMA, outlook bearish
AUD/CAD chart - Trading View
AUD/CAD was trading 0.11% lower on the day at 0.9488 at around 09:30 GMT.
The pair has slipped below major supports at 21-EMA (0.9526) and 4H 200 MA (0.9499).
Stochs and RSI are biased lower and RSI is below 50 which supports the current downtrend.
Further, bearish divergence on RSI and Stochs supports weakness in the pair.
The pair is extending downside for the 4th straight session, is on track to test daily cloud top at 0.9373 ahead of 23.6% Fib at 0.9311.
Upside is capped at 21-EMA at 0.9526, retrace above negates bearish bias.
Support levels - 0.9453 (Lower BB), 0.9373 (Cloud top), 0.9311 (23.6% Fib)
Resistance levels - 0.9526 (21-EMA), 0.9641 (Upper BB), 0.9696 (July 31 high)