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 rising inside intermediate impulse wave (3)
2019-11-11 • Updated
- GBP/CAD rising inside intermediate impulse wave (3)
- Next buy targets - 0.7100 and 1.7240
GBP/CAD continues to rise inside the sharp intermediate impulse wave (3) – which earlier broke through the resistance zone lying between the resistance levels 1.6950 and 1.6800 (this resistance zone reversed the previous waves (b), 2 (1) and B, as can be seen below). The breakout of this resistance zone coincided with the breakout of the 61.8% Fibonacci correction of the previous downward impulse wave from September.
GBP/CAD is expected to rise to the next buy target at the resistance level 0.7100 (top of the earlier (4)-wave) – the breakout of which can lead to further gains toward 1.7240 (top of wave (ii) from September).
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.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD
The US dollar index has all chances of reaching the 2000s high of 120.00.