USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD reversed from support area
2019-11-11 • Updated
- AUD/CAD reversed from support area
- Next buy target - 0.9750
AUD/CAD recently reversed up sharply from the support area lying at the intersection of the support level 0.9600 (which stopped the previous sharp downtrend in January, as can be seen below) and the lower daily Bollinger Band. The upward reversal from this support area completed the previous extended intermediate ABC correction (2) from the middle of April. AUD/CAD is expected to rise toward the next buy target at the next resistance level 0.9750.
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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