AUD/CAD Buyers Aim to Establish a Short-Term UptrendTechnical Analysis
On the hourly chart, AUD/CAD is attempting to complete a short-term bullish reversal pattern that began forming after the pair established a base at the psychological level of 0.90000. Buyers have successfully pushed the price above the resistance at 0.90189, gaining proximity to the 100-period moving average—a key area of interest.
A sustained move above 0.90240 would confirm bullish continuation, exposing the next upside targets at 0.90306, 0.90378, and 0.90495. Momentum indicators support this scenario, as RSI trends higher and MACD shows expanding bullish bars.
However, if sellers return and drive the price below 0.90000, the bullish setup would be invalidated, suggesting a renewed downside risk.
Fundamental Drivers
With no major releases from Canada, the focus shifts to Australian fundamentals. February’s PMI rebound suggests resilience in the Australian economy, providing a fundamental backdrop for AUD strength. Market participants will remain attentive to upcoming data, but in the short term, sentiment appears to favour the Aussie.
