As of November 7, 2024, the AUD/CAD currency pair is exhibiting several bearish indicators:
Technical Indicators:
1. Moving Averages: The pair has experienced bearish crossovers with its 20-period and 50-period moving averages on the 1-hour timeframe, suggesting downward momentum. INVESTING.COM MACD: A bearish divergence is present on the 2-hour and 4-hour timeframes, indicating potential downward movement. INVESTING.COM
2. Resistance Levels: The price has encountered resistance near 0.9200, which aligns with the 38.2% Fibonacci retracement, reinforcing the bearish outlook. INVESTING
3. Market Sentiment: Analyst opinions are mixed, with some short-term indicators suggesting a sell, while medium to long-term indicators lean towards a buy. FX LEADERS
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