Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
GBP/CAD will be volatile
2019-11-11 • Updated
SELL 1.6490; TP 1.6430; SL 1.6510
BUY 1.6580; TP 1.6680; SL 1.6560
GBP/CAD made a huge leap to the upside yesterday and got above 1.65, but arrived at the resistance line from May. The odds are that Friday will once again bring the pair in motion: the market awaits Brexit-related news, while Canada will publish important labor market figures at 15:30 MT time.
The return below 1.6500 will open the way down to 1.6430 (100-day MA) and potentially to 1.6300 (September-October support line). This will happen if no signs of Brexit agreement come through and if Canadian figures surpass the weak forecast. On the other hand, the rise above yesterday’s high (1.6575) will open the way up to 1.6685 (September high).
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
This article will analyze the possible scenarios for the EU, and what's more important, look at the charts. There is a lot to see, let's go!
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