This imputes a buy/sell ratio of 0.4, which is bearish.
Relative to other instruments in the forex asset class, aud/cad ranked 22nd yesterday in terms of percentage price change.
The closest is the 20 day average, which is 6.7 pips away.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
This imputes a buy/sell ratio of 0.92, which is neutral.