USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD falling inside sharp correction
2019-11-11 • Updated
- AUD/CAD falling inside sharp correction
- Next sell target - 1.0000
AUD/CAD recently reversed down from the resistance zone lying between the key resistance level 1.0200 (which reversed the previous (b)-wave in June of 2017) and the upper weekly Bollinger Band. The downward reversal from this resistance zone created the weekly Japanese candlesticks reversal pattern Shooting Star. AUD/CAD is likely to fall further toward the next sell target at the next support level 1.0000.
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.
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?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?