USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD falling inside minor impulse wave 5
2019-11-11 • Updated
- AUD/CAD falling inside minor impulse wave 5
- Next sell target - 0.9420
AUD/CAD continues to fall inside the minor impulse wave 5, which started recently after the downward reversal from the resistance zone lying between the pivotal resistance level 0.9600 (former strong support from May) and 38.2% Fibonacci correction of the previous sharp downward impulse 3 from June. AUD/CAD is expected to fall further toward the next sell target at the next support level 0.9420 (low of the previous impulse 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.
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