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 - 0.9810
AUD/CAD today reversed up sharply from the support zone surrounding the powerful support level 0.9710. This support level has been reversing the price from July, as can be seen below. The support zone near the support level 0.9710 was strengthened by the lower daily Bollinger Band. If the pair closes today near the current levels it will then from the daily Bullish Engulfing. Given the oversold daily Stochastic - AUD/CAD is expected to rise to the next buy target at the next resistance level 0.9810.
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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