What happened? It looks like the decline in EUR/CHF to 1…
CAD/CHF reached buy target 0.7500
2019-11-11 • Updated
- CAD/CHF reached buy target 0.7500
- Next buy target - 0.7600
CAD/CHF recently reversed up from the strong support level 0.7380 (former powerful resistance level which reversed the pair sharply in May and June). The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing. The price today reached the resistance level 0.7500 (which was set as the buy target in our earlier forecast for this currency pair). If the price closes above this resistance level - CAD/CHF can then be expected to rise to the next buy target at the next resistance level 0.7600 (top of the previous 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