AUDCAD – Sellers May Not Be Done YetAUSTRALIAN DOLLAR / CANADIAN DOLLARFX_IDC:AUDCADParadise_NoirAUDCAD is entering an important area as the macro backdrop begins to favor the Canadian dollar while the broader price structure remains bearish. The Bank of Canada’s latest rate hike to 2.50% has provided fresh support for CAD through higher Canadian yields and a stronger rate outlook. On the other side, elevated Australian inflation is keeping expectations for a hawkish RBA alive, but so far, that has been enough to support an AUD recovery rather than change the direction of AUDCAD. The 8H chart tells the more important story. Price remains inside a well-defined descending channel, with lower highs continuing to form and previous tests of the upper boundary repeatedly attracting selling pressure. That makes the current recovery into the 0.9880–0.9930 area more of a test than a reversal. This zone brings together channel resistance, previous supply and Ichimoku resistance. If buying momentum begins to fade here, attention could shift back toward 0.9790, followed by the deeper 0.9750 area near the lower side of the channel.