USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD with strong bullish prospects
2019-11-11 • Updated
AUD/CAD continues to trade in a bullish pattern formation at H1 chart, after having found a strong resistance near 1.0148. That’s why we cannot discard the idea of a deep pullback to test the Fibonacci area of 50% at 1.0013, at which the pair could gather momentum in order to ride a bullish structure towards the -23.6% Fibo level at 1.0162. To the downside, a strong dynamic supports lies at the 200-hour moving average.
RSI indicator stays in the positive territory.
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.