AUD/CAD bears are holding the line at a key technical resistance zone!
With Canada’s jobs report due later today, the pair’s next move could come with some real conviction.
Here’s what we’re seeing on AUD/CAD’s 4-hour time frame:
AUD/CAD: 4-hour
AUD/CAD 4-hour Forex Chart Faster with TradingView
The Loonie has been getting a double boost from firmer crude oil prices and cautious risk mood so far this week.
Meanwhile, the Aussie is fighting uphill — lingering US-Iran tensions are keeping risk appetite patchy, and some spotty Australian economic data hasn’t done the Aussie any favors lately.
The Canadian jobs print later today could easily be the deciding factor for which way this pair breaks.
The 4-hour chart still points to a broader uptrend, with both moving averages rising below price. But momentum has clearly stalled near the .9940-.9950 resistance zone that capped the pair’s rally back in May.Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on the Australian dollar and the Canadian dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
Price is now around .9907, just above the Pivot Point near .9894. R1 sits at .9947, while R2 is up at .9985. On the downside, S1 is near .9865, followed by S2 at .9803.
A hold above the .9894 to .9900 Pivot Point area could keep buyers in the game, especially if risk sentiment steadies and Canada’s jobs report disappoints. That could send the pair back toward R1 at .9947 for another run at the stubborn .9950 ceiling. A clean break above that zone opens the door to R2 near .9985, with parity waiting just beyond it like a shiny market magnet.
But if Canada prints a strong jobs number, CAD bulls could take control and drag the pair back below .9900. That could put S1 near .9865 in focus, while a deeper break could expose S2 at .9803, especially if geopolitical risk headlines keep weighing on AUD.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment!
This AUD/CAD chart setup has Canada’s jobs report front and center as the key catalyst, and not everyone will be familiar with what drives the Loonie. Premium members can read our lesson:
📖 Canada
Reading this helps you understand Bank of Canada policy, how employment data and oil prices move the Canadian dollar, and what fundamental forces drive CAD pairs.
And if you’re not a Premium subscriber yet, now’s a good time to sign up.
With Babypips Premium, you get full access to School of Pipsology lessons that help you understand not just what the chart is showing, but the economic fundamentals behind the Canadian dollar and the key data releases that move it.
