The AUDCAD currency pair recently experienced a series of corrective bullish movements, managing to recover some of its losses as it surged towards the 0.8820 mark. However, it has now encountered a significant hindrance in the form of the 61.8% Fibonacci correction level, which has emerged as an additional barrier. This development serves as a strong indication of the likelihood of continued negative momentum in the upcoming trading sessions.
For the price to initiate a bearish trend, it requires a fresh injection of negative momentum. This would pave the way for a potential downside target of 0.8705 initially, with the possibility of exerting renewed pressure on the 0.8620 obstacle.
The projected trading range for today is anticipated to fluctuate between the support level at 0.8800 and the resistance level at 0.8705.
The prevailing trend for today leans towards a bearish sentiment, as the AUDCAD pair grapples with the challenge of breaching key levels.
