
What happened? Japanese shares fell on Monday…
2019-11-11 • Updated
CAD/JPY recently reversed down sharply from the resistance zone lying between the key resistance levels 91.50 (which stopped the previous sharp upward impulse wave (3) in September, as can be seen below) and 90.80 (top of the previous B-wave). This resistance zone was further strengthened by the upper daily Bollinger Band. CAD/JPY is expected to fall further toward the next sell target at the next support level 87.60 (low of the previous ABC wave 2).
What happened? Japanese shares fell on Monday…
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.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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