
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
2019-11-11 • Updated
AUD/CAD continues to fall after the earlier sharp downward reversal from the key resistance level 1.0330 (which reversed the earlier impulse waves (5) and (1), and which was set as the buy target in our previous forecast for this currency pair). The resistance zone near the resistance level 1.0330 is strengthened by the upper daily Bollinger Band. If the pair closes today near the current levels it will create the daily reversal pattern Bearish Engulfing.
With the daily Stochastic still in the overbought zone - AUD/CAD is expected to fall to the next sell target at the next support level 1.0120 (low of the previous minor correction 2).
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
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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Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!