USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD falling minor impulse wave 3
2019-11-11 • Updated
- AUD/CAD falling minor impulse wave 3
- Next sell target - 0.9670
AUD/CAD continues to fall inside the minor impulse wave 3 which recently reversed down from the pivotal resistance level 0.9870 (which is the lower boundary of the strong resistance area, which is the former powerful support zone which has been steadily reversing this currency pair from the end of January, as can be seen from the daily AUD/CAD chart below). The upper boundary of this resistance zone stands at the resistance level 0.9930. AUD/CAD is expected to fall to the next sell target at the next support level 0.9670 (which reversed (A)-wave in January).
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.
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