USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD reversed from major support level 0.9580
2019-11-11 • Updated
- AUD/CAD reversed from major support level 0.9580
- Next buy target 0.9700
AUD/CAD recently reversed up from the powerful, long-term support level 0.9580 (which also stopped the sharp downtrend at the start of December, as can be seen below). The support area near the support level 0.9580 was strengthened by the lower daily Bollinger Band. With the oversold daily Stochastic, AUD/CAD is expected to rise further toward the next buy target at the next resistance level 0.9700 (top of wave (iv)).
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.
A United Nations agency is warning that the central bank’s actions create a high risk of pushing the global economy into recession.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD