
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
2019-11-11 • Updated
AUD/CAD has been rising sharply in the last few trading sessions inside the intermediate impulse wave (3) - which started earlier from the combined support area lying between the parity, lower daily Bollinger Band and the 50% Fibonacci retracement of the previous sharp upward impulse (1) from January. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer.
AUD/CAD is expected to rise to the next buy target at the round resistance level 1.0250 (top of wave B) – the breakout of which can lead to further gains toward 1.0330 (top of impulse (1)).
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
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.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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