What happened? It looks like the decline in EUR/CHF to 1…
CAD/CHF broke resistance level 0.7800
2019-11-11 • Updated
- CAD/CHF broke resistance level 0.7800
- Next buy target 0.7900
CAD/CHF recently reversed up from the support zone lying between the pivotal support level 0.7730 (former resistance from the middle of April) and the 38.2% Fibonacci correction of the previous sharp upward impulse from the April. Having just broken the resistance level 0.7800 (top of the impulse wave (i)) - CAD/CHF is expected to rise further toward the next buy target at the next resistance level 0.7900 (top of wave B).
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.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD
The US dollar index has all chances of reaching the 2000s high of 120.00.
The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy