Last week, FOMC decided to keep their interest as it is. The comments from US Fed Chairman Powell were quite dovish, which resulted big bounce from EURUSD and break 1.07 level. This week, we have Australia’s RBA Interest rate decision.
Surprisingly, the consensus for the RBA Interest rate decision is to raise another 0.25 to 4.35%. This may or may not happen but it definitely will make AUDCAD volatile. In Jul and Aug RBA Interest rate decisions, the forecast was to raise 4.35% but both did not happen. We will see this round whether it will materialize.
Recommendation
With this outlook, to be on the safe side, for AUDCAD, we strongly recommend all Ophiuchus and Limitless EA users to schedule to stop trading for this period starting from 6 Nov till 7 Nov. You can use the stop trading period feature in the EA to do that. You can also decide to start the stop trading for a longer period to wait for the dust to settle. (e.g., stop trading from 6 Nov and only start trading after 8 Nov) if you would like.
We understand that you might feel that it is more frequent to receive market updates recently and more intervention is required to control the EA. We are working on a new feature to manage the stop trading period for EA automatically based on upcoming announcements. Based on our current estimate, the new feature will probably be released at either end of the year or early next year. Please stay tuned for this new feature.
Disclaimer – Please note that Limitless Trading is not liable for our recommendation and is not responsible for any loss or profit caused by this recommendation. You should assess your personal circumstances and perform your own research to make decisions for your trading.
