AUD/CAD Down 1 Pips On Hourly Chart; Nears 50 and 100 Day Moving Averages

Hourly Update

(Last Updated December 20, 2021 1:34 GMT)

Currently, AUDCAD’s rate is down -1 pips (-0.02%) from the hour prior. This is the 3rd straight hour AUDCAD has seen its price head down. Regarding the trend, note that the strongest trend exists 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 entered today at 0.91836, up 9 pips (0.1%) from the day prior. Relative to other instruments in the Forex asset class, AUDCAD ranked 11th the day prior in terms of percentage price change. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Notably, the current price of AUDCAD 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 10 out of the past 14 days.

The View From Around the Web

Not much commentary on AUDCAD that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Please note, this analysis is based on SMC and is my personal opinion and not a trading signal. Please trade at your own risk! Cheers :)ENTRY – 0.93146STOPLOSS – 0.93301 (Adjust it upwards based on the broker spread)Target – 0.86940I’ll risk 0.5 to 1% on this trade.