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Forex

AUD/CAD Gaps Above Broadening Triangle Amid Hawkish RBA Comments

Guavy AI Editorial Team
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CAD AUD
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Audrey Hauser, Deputy Governor of the Reserve Bank of Australia, has hinted at another interest rate hike if inflation risks escalate.

This warning came on August 19, one week after the RBA decided to keep its policy rate unchanged at 4.35% for a second consecutive meeting.

The Canadian dollar is influenced by oil prices, which have risen due to geopolitical tensions and supply concerns. Higher oil prices can support the Canadian dollar as Canada relies heavily on commodity exports.

In technical analysis of AUD/CAD, a broadening triangle has been forming since April, characterized by diverging trendlines. On August 24, trading opened with a gap above this formation's upper boundary.

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