What happened? It looks like the decline in EUR/CHF to 1…
CAD/CHF broke support zone
2019-11-11 • Updated
- CAD/CHF broke support zone
- Next sell target - 0.7500
CAD/CHF today broke through the support zone lying between the key support level 0.7600 (which stopped earlier waves (1) and 4), 50-day moving average and the 50% Fibonacci correction of the previous sharp upward impulse from March. The breakout of this support zone continues the active intermediate impulse wave (3) from the end of May. CAD/CHF is expected to fall further toward the next sell target at the next support level 0.7500.
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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.
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