What happened? Japanese shares fell on Monday…
CAD/JPY broke support zone
2019-11-11 • Updated
- CAD/JPY broke support zone
- Next sell target - 81.00
CAD/JPY continues to fall after the earlier breakout of the support zone lying at the intersection of the support level 83.20 (which stopped the previous impulse wave (1), as can be seen below) and the two ascending support trendlines from April and March respectively. The breakout of this support zone accelerated the active impulse wave (3). CAD/JPY is expected to fall further toward the next sell target at the next support level 81.00.
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.
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.