AUDCAD is showing signs of weakness near the 0.8980 supply zone after an extended rally. The pair is now reacting to a historically respected resistance area, with bearish momentum building as exhaustion sets in.
🔍 Technical Outlook:
✅ Price rejected at multi-touch resistance around 0.8980
📐 Clean bearish structure forming after wedge-like exhaustion
📉 Expecting a move down toward:
TP1: 0.89365 – recent minor structure
TP2: 0.89080 – key demand zone from early July
TP3: 0.88654 – full measured target from range
📛 Invalidation above: 0.8985
🌍 Fundamental Breakdown:
🇦🇺 Australia:
📉 Softening inflation and retail sales
🏦 RBA cautious with limited appetite for further hikes
🇨🇳 Weak Chinese demand adds pressure on AUD
🇨🇦 Canada:
💪 Supported by rising oil prices and solid employment data
🏦 BoC remains vigilant on inflation, though on hold
🛢️ Strong WTI prices continue to support CAD
⚠️ Risks to the Bearish View:
⚡ Unexpectedly strong China data could boost AUD
📉 Sudden drop in oil prices would hurt CAD
🗣️ Surprise hawkish shift from RBA
🔗 Correlation & Flow:
AUDCAD is a lagging asset, heavily influenced by WTI crude (boosting CAD) and China-linked risk flows (affecting AUD).
Keep an eye on AUDUSD and USDCAD for early signals.
📆 Upcoming Key Events:
🇦🇺 RBA Minutes, Jobs Data, Wages Index
🇨🇦 BoC Business Outlook, CPI Print
🛢️ US Oil Inventories (affects CAD)
🧭 Summary:
🔻 Bias: Bearish
📊 Drivers: Oil strength, RBA caution, CAD resilience
⚠️ Risk: China rebound or oil correction
🕵️ Watch: Canadian CPI + Australian jobs data
📉 Likely to Follow: Oil and AUDUSD/USDCAD macro trends
🔍 Technical Outlook:
✅ Price rejected at multi-touch resistance around 0.8980
📐 Clean bearish structure forming after wedge-like exhaustion
📉 Expecting a move down toward:
TP1: 0.89365 – recent minor structure
TP2: 0.89080 – key demand zone from early July
TP3: 0.88654 – full measured target from range
📛 Invalidation above: 0.8985
🌍 Fundamental Breakdown:
🇦🇺 Australia:
📉 Softening inflation and retail sales
🏦 RBA cautious with limited appetite for further hikes
🇨🇳 Weak Chinese demand adds pressure on AUD
🇨🇦 Canada:
💪 Supported by rising oil prices and solid employment data
🏦 BoC remains vigilant on inflation, though on hold
🛢️ Strong WTI prices continue to support CAD
⚠️ Risks to the Bearish View:
⚡ Unexpectedly strong China data could boost AUD
📉 Sudden drop in oil prices would hurt CAD
🗣️ Surprise hawkish shift from RBA
🔗 Correlation & Flow:
AUDCAD is a lagging asset, heavily influenced by WTI crude (boosting CAD) and China-linked risk flows (affecting AUD).
Keep an eye on AUDUSD and USDCAD for early signals.
📆 Upcoming Key Events:
🇦🇺 RBA Minutes, Jobs Data, Wages Index
🇨🇦 BoC Business Outlook, CPI Print
🛢️ US Oil Inventories (affects CAD)
🧭 Summary:
🔻 Bias: Bearish
📊 Drivers: Oil strength, RBA caution, CAD resilience
⚠️ Risk: China rebound or oil correction
🕵️ Watch: Canadian CPI + Australian jobs data
📉 Likely to Follow: Oil and AUDUSD/USDCAD macro trends
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✅ 85% Accuracy | 1–2 Signals/Day
💰 Profitable Trades Sent Daily – No Cost
📲 Join Us on Telegram
t.me/ultreos_forex
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.