AUDCAD is moving in a downtrend by forming a descending channel (lower highs and lower lows)
After the confirmation of reversal from the lower high (top zone), AUDCAD Sell signal is given.
AUDCAD went down around +400 points but didn’t reach our take profit target.
Due to the US Election, Australian Dollar AUD starts to become stronger when comparing to Canadian currency CAD.
AUDCAD breaks the top zone and reached the stop-loss price.
The Reserve bank of Australia cut the official cash rate and target for yield on the 3-year government bonds to 0.1%
RBA also announced a $100 billion government bond-buying program target of 5 to 10 years maturities over the next six months and remains to be purchased bonds require to achieve 3-year yield target.