USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD broke support zone
2021-11-11 • Updated
- AUD/CAD broke support zone
- Next sell target - 0.9980
AUD/CAD continues to fall in the sharp c-wave, which belongs to the minor ABC correction 2 from the middle of March. The active wave c earlier broke through the support zone lying between the support level 1.0160 (which stopped previous wave (a)), support trendline of the daily up channel from January and the 38.2% Fibonacci correction of the upward impulse 1.
AUD/CAD is expected to fall to the next sell target at the support level 0.9980 (low of the previous (ii)-wave from February and the target price for the completion of the active wave 2).
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.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?