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 - 0.9880
AUD/CAD recently reversed up from the support zone lying between the key support level 0.9730 (which reversed the previous minor correction 2 in January) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star. AUD/CAD is expected to rise toward the next buy target at the next resistance level 0.9880 (former support from February and March).
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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