AUDCAD Approaching a Breakout Amid RBA Rate Cut

20 May

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!
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20 May

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21 May

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23 May

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