USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD broke resistance area
2019-11-11 • Updated
- AUD/CAD broke resistance area
- Next buy target - 0.9900
AUD/CAD continues to rise after the earlier breakout of the resistance area lying between the resistance level 0.9780 (which was set as the buy target in our earlier forecast for this currency pair) and the resistance trendline of the daily down channel from August. The breakout of this resistance area accelerated the active minor impulse wave 1. AUD/CAD is expected to rise to the next buy target at the next resistance level 0.9900 (which reversed earlier waves (a) and 4).
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.
USD/CAD managed to advance further yesterday breaking above 1.21, reaching as high as 1.2128 earlier today, while our long signal that was issued at 1.2060 is now in profit with over +60 pips.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD
The US dollar index has all chances of reaching the 2000s high of 120.00.
The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy