The AUDCAD currency pair on the H1 timeframe shows a bearish trend that is still quite strong. This is visible from the blue and red Moving Averages both pointing downward, while price is trading below both lines. Currently the price is around 0.9748 and is consolidating after a sharp decline. Nearest resistance is at 0.9756, while support is at 0.9745 and 0.9730. The Stochastic indicator shows values of 22.22 and 33.85, indicating bearish momentum remains dominant although price is starting to approach the oversold area. The primary strategy more recommended is SELL if price is rejected in the 0.9755–0.9760 area. Downside targets are 0.9745, then 0.9730, with a stop loss around 0.9765. Meanwhile, BUY should only be considered if price manages to break through resistance 0.9760 and forms a strong bullish confirmation. Overall, priority remains SELL following the main trend direction.
