
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
2019-11-11 • Updated
AUD/CAD continues to rise inside the intermediate impulse wave (3), which previously broke the key resistance level 0.9850 (which reversed the price with the daily Japanese candlestick reversal pattern Evening Star earlier in May, as can be seen below). The breakout of this resistance level accelerated the active impulse wave (3). AUD/CAD is expected to rise further toward the next buy target at the next resistance level 0.9950 (former resistance from the end of March).
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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