Instrument: AUDCAD
Bullish Preference:
A buy position is envisaged if the price trades above 0.66956 with take profit at 0.67070.
Bearish Preference:
A sell position is envisaged if the price trades below 0.66674 with take profit at 0.66568.
Fundamentals:
5:30AM AUD RBA Rate Statement Cash Rate
Comment:
The U.S. dollar stabilized in early European hours Tuesday in holiday-impacted trade, while the Aussie dollar retreated after the Reserve Bank held rates steady at its latest policy-setting meeting. The Australian dollar is showing some movement right off the bat on Monday. AUD/USD fell as much as 70 pips in the Asian session but has recovered most of those losses. In the European session, AUD/USD is trading at 0.6657 down 0.03%. In early trading session today, AUDUSD rose 0.1% to 0.6678 after the Reserve Bank of Australia maintained its cash rate at an 11-year high of 4.10%, saying it wanted more time to assess the impact of the 400 basis points of hikes since May last year.
Analysis: SCRUM Team