The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
CAD/JPY broke resistance level 85.60
- CAD/JPY broke resistance level 85.60
- Next buy target - 87.00
CAD/JPY today broke sharply above the major resistance level 85.60 (which reversed the previous waves A and 2, as can be seen below). The breakout of this resistance level continues the active short-term impulse wave C – which is a part of the intermediate ABC correction (2) from the end of June. CAD/JPY is expected to rise further toward the next buy target at the next resistance level 87.00 (multi-month high from May and the target for completion of wave (2)).
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
It looks like GBP/JPY is finally trying to break out of the recent consolidation. Learn more!
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.