AUDCAD Approaching a Breakout Amid RBA Rate Cut
AUDCAD is nearing a breakout from a larger triangle pattern.
In the past few hours, the pair dropped nearly 50 pips following the Reserve Bank of Australia's (RBA) interest rate decision.
The RBA cut rates by 25 bps , bringing them down to 3.85% from 4.1%. They also signaled a willingness to continue cutting if needed to support the economy.
This marks the first rate cut in a long time where the RBA has openly backed a rate-cutting cycle, leading to a mild sell-off in AUD pairs.
AUDCAD could decline further in the coming hours as the US market reacts to the news.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
AUDCAD is nearing a breakout from a larger triangle pattern.
In the past few hours, the pair dropped nearly 50 pips following the Reserve Bank of Australia's (RBA) interest rate decision.
The RBA cut rates by 25 bps , bringing them down to 3.85% from 4.1%. They also signaled a willingness to continue cutting if needed to support the economy.
This marks the first rate cut in a long time where the RBA has openly backed a rate-cutting cycle, leading to a mild sell-off in AUD pairs.
AUDCAD could decline further in the coming hours as the US market reacts to the news.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Note
Trade closed: target reached
Note
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✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.