AUD/CAD Moves Down For the 2nd Day In A Row; Eyes 20 Day Average

AUD/CAD Price Recap

AUD/CAD is down 19 pips (0.21%) since yesterday (with its current price near 0.88955), marking the 2nd day in a row a decline has happened. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 28.84% from the day before — and down 44.91% from the same day the week before. Out of the 40 instruments in the Forex asset class, AUD/CAD ended up ranking 34th for the day in terms of day-over-day price change. Let’s take a look at price chart of AUD/CAD.

AUD/CAD Technical Analysis

Coming into today AUD/CAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 7 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 4 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. As for the rationale, technical traders seem to be citing the appearance of flag and gartley technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Wait for the breakout of straight line.