AUD/CAD Price Recap
AUD/CAD is down 0.37% since yesterday (with its current price near 0.9016), marking the 2nd day in a row a decline has happened. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 15.59% from the day prior, and up 0.65% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/CAD ranked 38th yesterday in terms of percentage price change. The price chart of AUD/CAD below illustrates.
AUD/CAD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: AUD/CAD crossed below its 20 and 100 day moving averages yesterday. Volatility for AUD/CAD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. For additional context, note that price has gone down 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar
We’re seeing some traders come out with interesting conviction on AUDCAD, with 7 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.78, which is bearish. As for the rationale, technical traders seem to be citing the appearance of divergence and flag technical patterns. Here’s a piece we ; below is a short snippet from it to give you a taste.
watch this to break lower if positive data on retail sales