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!
GBP/CAD broke strong support level 1.7040
2019-11-11 • Updated
- GBP/CAD broke strong support level 1.7040
- Next sell target - 1.6880
GBP/CAD recently broke below the strong support level 1.7040 (which stopped the sharp downtrend in May, as can be seen from the daily GBP/CAD chart below). The breakout of the support level 1.7040 accelerated the active short-term impulse wave 3 of the intermediate impulse wave (C) from June. GBP/CAD is expected to fall further toward the next sell target at the next support level 1.6880 (target price for the termination of the active impulse wave 3).
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
What happened? US stocks ended sharply higher on Thursday, May 27, after a 7-week losing streak…
Next week, we expect the BOC rate statement, the OPEC+ meeting, and the Nonfarm payrolls release. Let's look at the opportunities in detail!
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