AUDCAD - Bullish Bias

AUD - BULLISH
1️⃣ The RBA held the cash rate target at a record low 0.1%, kept the size of its A$200 billion bond-buying program, affirming its commitment to maintaining supportive monetary stance until at least 2024, while also signaling it is prepared to buy further bonds than its current $200 billion program if that helped lower the jobless rate and spur wage growth.
2️⃣ Job advertisements rose by 7.4% mom to the highest in twelve years of 190,542 in March, 10th straight month of gain.

CAD - BEARISH
1️⃣ Concerns still exist about the prospect of producers returning significant amounts of crude to the market over the next three months.

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Technical
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- We are looking to buy the AUDCAD at RBS + above SMA 50 on the H1 chart.
- RSI showed a bullish direction for this pair.

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Risk to this trade
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Any change in sentiment could turn the pair's direction.