AUD/CAD Down 1 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Moves Up For the 2nd Straight Day

Hourly Update

(Last Updated July 15, 2021 1:57 GMT)

At the time of this writing, AUDCAD’s rate is down -1 pips (-0.01%) from the hour prior. This is the 2nd straight hour AUDCAD has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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 47 pips (0.51%) since yesterday (opening today near 0.93639), marking the 2nd straight day an increase has occurred. Relative to other instruments in the Forex asset class, AUDCAD ranked 6th yesterday in terms of percentage price change. Let’s take a look at price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDCAD crossed above its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for AUDCAD; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.