USD/CAD Short Trade
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD reached sell target 0.9980
2021-11-11 • Updated
- AUD/CAD reached sell target 0.9980
- Next sell target - 0.9860
AUD/CAD today broke through the support zone lying between the key support level 0.9980 (previous sell target) and the 50% Fibonacci correction of the earlier sharp upward impulse wave 1 from the end of January. The breakout of this support zone should accelerate the c-wave of the active minor ABC correction 2 from the middle of March.
AUD/CAD is expected to fall further toward the next sell target at the strong support level 0.9860 (low of the previous intermediate correction (2) from January).
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Eyes on Bank of Canada's decision today
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 trade is in profit
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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