AUD/CAD Analysis: Atypical Volume Casts Doubt on Triangle Breakout
The key catalyst for the Australian dollar remains the July inflation data released on 26 August. The figure came in at 3.5% year-on-year, versus expectations of 3.2%, while the Trimmed Mean increased by 0.5% month-on-month, compared with a forecast of 0.3%. The following day, 27 August, NAB revised its forecast for the RBA?s next policy decision. The bank now expects a 25-basis-point rate hike at the September meeting, taking the rate to 4.6%, with the risk of another increase in November.
For the Canadian dollar, the key factor was the Bank of Canada?s decision. On 2 September, the central bank left its policy rate unchanged at 2.25% for the seventh consecutive meeting, highlighting economic uncertainty stemming from US tariffs and Canada?s retaliatory trade measures.
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