AUD/CAD 2 Day Down Streak Broken; Nears 20 Day Moving Average

AUD/CAD Price Recap

The choppiness in the recent daily price action of AUD/CAD continues; to start today, it comes in at a price of 0.89145 US dollars, down 12 pips (0.13%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 4.58% from the day prior, but down 22.28% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/CAD ranked 22nd yesterday in terms of percentage price change. The price chart of AUD/CAD below illustrates.

AUD/CAD Technical Analysis

The first thing we should note is that the current price of AUD/CAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 17 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 6 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Wait for the breakout of straight line.