The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy
Levels for trading USD/CAD
2019-11-11 • Updated
SELL 1.3250; TP 1.3225; SL 1.3260
SELL 1.3220; TP1 1.3180; TP2 1.3145: SL 1.3235
BUY 1.3360; TP 1.3440; SL 1.3330
Last week, USD/CAD showed some resilience. Despite the previous candlestick with the long upper shadow on W1, it managed to gain, get close to the highs of the previous week and close above the 50-week MA (1.3250). All of this adds credibility to the uptrend which has been in place since the middle of July. However, the fact that the greenback failed to renew highs is worrisome. The decline below 1.3285 (Thursday’s low) will make the pair return to 1.3250 and 1.3225 (uptrend support line). If that support fails, we’ll be looking at 1.3180 and 1.3145.
To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).
After bouncing off the previous Major trendline last month, Bitcoin seems to be retesting the support area again in hopes of catching a bullish momentum.
After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?
A United Nations agency is warning that the central bank’s actions create a high risk of pushing the global economy into recession.
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