USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
NZD/CAD broke resistance area
2019-11-11 • Updated
- NZD/CAD broke resistance area
- Next buy target - 0.9070
NZD/CAD recently broke the resistance area lying between the round resistance level 0.9000 (which was set as the buy target in our previous forecast for this currency pair) and 38.2% Fibonacci correction of the previous sharp downward impulse wave C from the start of April. NZD/CAD is expected to rise further toward the next buy target at the next resistance level 0.9070 (top of the previous corrective wave (iv)).
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.
USD/CAD managed to advance further yesterday breaking above 1.21, reaching as high as 1.2128 earlier today, while our long signal that was issued at 1.2060 is now in profit with over +60 pips.
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