What happened? Japanese shares fell on Monday…
CAD/JPY reversed from support zone
2019-11-11 • Updated
- CAD/JPY reversed from support zone
- Next buy target - 85.70
CAD/JPY recently reversed up from the support zone lying between the key support level 84.30 (top of the previous minor impulse wave 3 from the start of April) and the 38.2% Fibonacci correction of the upward price impulse wave from the end of March. The upward reversal from this support zone started the active impulse wave (3). CAD/JPY is expected to rise toward the next buy target at the next resistance level 85.70 (top of the impulse wave (1)).
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.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.