XAU/CAD Currency Pair Forecast

XAU/CAD currency pair upgraded to Strong Buy Candidate.
(Updated on May 17, 2024)

XAUCAD Signals & Forecast

The XAU/CAD currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $3,231.01 and $3,199.46. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The currency pair should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -0.259%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for XAU/CAD currency pair

XAU/CAD finds support from accumulated volume at $3,285.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved $60.40 between high and low, or 1.87%. For the last week the currency pair has had daily average volatility of 1.24%.

Our recommended stop-loss: $3,180.23 (-3.24%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 24 days ago.)

Trading Expectations (XAUCAD) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect XAU/CAD to open at $3,273.18, and during the day (based on 14 day Average True Range), to move between $3,245.21 and $3,328.29, which gives a possible trading interval of +/-$41.54 (+/-1.26%) up or down from last closing price. If XAU/CAD takes out the full calculated possible swing range there will be an estimated 2.53% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $3,285.75 (0.03%) than the resistance at $3,289.20 (0.07%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is XAU/CAD currency pair A Buy?

XAU/CAD holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 6.891 Strong Buy Candidate Upgraded

Predicted Opening Price for XAU/CAD of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.