AUD/CAD Down 20 Pips; in a Downtrend Over Past 14 Days

AUD/CAD Price Recap

AUD/CAD is down 20 pips (0.23%) since yesterday (with its current price near 0.8865), marking the 4th day in a row it has gone down. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 59.35% from the day prior, but down 20.68% from the same day the week before. Out of the 40 instruments in the Forex asset class, AUD/CAD ended up ranking 29th for the day in terms of day-over-day price change. The price chart of AUD/CAD below illustrates.

AUD/CAD Technical Analysis

Coming into today 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. Volatility for AUD/CAD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. 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 13 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 13, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Possible buy as the price is respecting the trendline and will move to retest the top trendline