Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
CAD/JPY reversed from support zone
2019-11-11 • Updated
- CAD/JPY reversed from support zone
- Next buy target - 83.70
CAD/JPY continues to rise after the earlier upward reversal from the support zone lying between the powerful support level 80.80 (which reversed the price with the daily hammer in the middle of May and also in April, as can be seen below) and the lower daily Bollinger Band. The latest upward reversal from this support zone stopped the previous minor correction (ii). CAD/JPY is expected to rise to the next buy target at the next resistance level 83.70 (top of the pervious impulse wave 1 from May).
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.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.