As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern.
As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern.
For context, observe that the previous day was noteworthy in the sense that aud/cad bested all 40 of the assets in the forex class.
Relative to other instruments in the forex asset class, aud/cad ranked 19th the day prior in terms of percentage price change.
Relative to other instruments in the forex asset class, aud/cad ranked 5th the previous day in terms of percentage price change.
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.
This imputes a buy/sell ratio of 0.4, which is bearish.
For additional context, note that price has gone down 8 out of the past 14 days.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up.