AUD/CAD Down 0 Pips in Last Hour, Entered Today Up For the 8th Straight Day; Breaks Above 50 and 100 Day Averages

Hourly Update

(Last Updated December 16, 2021 1:36 GMT)

Currently, AUDCAD’s rate is down 0 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDCAD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

AUDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCAD is up 63 pips (0.69%) since yesterday (opening today near 0.92025), marking the 8th straight day it has gone up. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 8th in terms of percentage change since yesterday. Here is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDCAD crossed above its 50 and 100 day moving averages yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days AUDCAD’s price has gone up 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 2 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

technically audcad will bearish but today it was hunting movement for aud i think audusd is 0.675 and usdcad is 1.3 for target and audcad is 0.88 for the last bearish move after that it will bullish to 0.95 or 0.96 for long time.