Another important part of the documentation:

It is false as long as its left operand is false. Once the left operand is true, the range operator stays true until the right operand is true, AFTER which the range operator becomes false again. It doesn't become false till the next time the range operator is evaluated. It can test the right operand and become false on the same evaluation it became true (as in awk), but it still returns true once. If you don't want it to test the right operand until the next evaluation, as in sed, just use three dots ("...") instead of two.

Running your example with the three dot operator gives the "caqw" result.