USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD broke key support level 0.9420
2019-11-11 • Updated
- AUD/CAD broke key support level 0.9420
- Next sell target - 0.9300
AUD/CAD today broke the key support level 0.9420 (which stopped the previous short-term impulse wave 3 earlier this month, as can be seen below). The breakout of this support level accelerated the active minor impulse wave 5 – which belongs to the intermediate impulse sequence (3) from the start of June. AUD/CAD is expected to fall further toward the next sell target at the next support level 0.9300 (target for completion of wave (3)).
All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.
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