USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD reversed from support zone
2021-11-11 • Updated
- AUD/CAD reversed from support zone
- Next buy target - 1.0330
AUD/CAD continues to rise inside the minor impulse wave (v) – which started earlier – when the pair reversed up from the support zone lying between the key support level 1.0160, support trendline of the daily up channel from January and the 50% Fibonacci correction of the upward impulse from February. The active impulse wave (v) belongs to wave 3 from January.
AUD/CAD is expected to rise to the next buy target at the resistance level 1.0330 (which reversed the previous minor impulse wave (iii) earlier this month).
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.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.