USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD reversed from support zone
2019-11-11 • Updated
- AUD/CAD reversed from support zone
- Next buy target - 1.0200
NZD/CHF today reversed up from the support zone lying between the parity (which has been reversing the price from the start of April, as can be seen below), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from January. The upward reversal from this support zone continues the active minor impulse waves 3 and (3) – both of which started from the same support area in May and April. If the pair closes today near the current levels it will form the daily Bullish Engulfing. AUD/CAD is expected to rise to the next buy target at the next resistance level 1.0200.
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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