(Last Updated April 15, 2021)
Hello! This is the news page for AUDCAD. Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
| metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
|---|---|---|---|---|---|---|---|
| Australia Employment Change | Mar 2021 | Australian Dollar | AUD | 2021-04-15 | 01:30 GMT | 35K | 70.7K |
| Australia Unemployment Rate | Mar 2021 | Australian Dollar | AUD | 2021-04-15 | 01:30 GMT | 5.7% | 5.6% |
| Australia Participation Rate | Mar 2021 | Australian Dollar | AUD | 2021-04-15 | 01:30 GMT | 66.1% | 66.3% |
| Canada Manufacturing Sales MoM | Feb 2021 | Canadian Dollar | CAD | 2021-04-15 | 12:30 GMT | -1% | -1.6% |
| Australia HIA New Home Sales MoM | Mar 2021 | Australian Dollar | AUD | 2021-04-16 | 03:00 GMT |
If we observe the 90 and 30 day timeframes, we see a downtrend in place for AUDCAD.
Nuances in the trend on AUDCAD can be understood by observing the behavior of its moving averages. The 100 and 200 day averages are pointing upwards, suggesting a bullish trend, in contrast to the downward-facing 20 and 50 day averages that imply a bearish trend. This implies that the long-term trend — meaning going back over 3 months — is bullish, while the trend over the past month and a half is bearish.
Below is a chart showing AUDCAD’s price with its moving averages.
Regarding AUDCAD’s correlations over the past 7 days, it has demonstrated the strongest correlation with NZDCAD. AUDCAD has been most correlated with NZDCAD over the past 14 days also, so this may be a recurring pattern. On the flip side, the asset least correlated with AUDCAD over the past week has been USDCHF, but over the past two weeks, CHFJPY has been the asset least correlated with AUDCAD. The chart below illustrates AUDCAD against its least correlated assets.
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At the moment, AUDCAD’s rate is up 124 pips (1.3%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. As for the trend on the weekly timeframe, we see the clearest trend on the 10 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows AUDCAD’s price action over the past year.
Strongest trend on the 60 month timeframe.
This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 17.19% from the day before — and down 5.86% from the same day the week before.
Out of the 40 instruments in the forex asset class, aud/cad ended up ranking 7th for the day in terms of day-over-day price change.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
This imputes a buy/sell ratio of 1.75, which is bullish.
Out of the 40 instruments in the forex asset class, aud/cad ended up ranking 10th for the day in terms of day-over-day price change.
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.
This imputes a buy/sell ratio of 1.12, which is neutral.
This imputes a buy/sell ratio of 0.88, which is neutral.
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.
This imputes a buy/sell ratio of 1.25, which is bullish.