USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
NZD/CAD broke support level 0.8850
2019-11-11 • Updated
- NZD/CAD broke support level 0.8850
- Next sell target - 0.8780
NZD/CAD continues to fall after the recent breakout of the key support level 0.8850 (which stopped the price twice in July, as can be seen below). The breakout of the support level 0.8850 should accelerate the active short-term impulse wave (c)- which belongs to the ABC correction 2 from the end of June. NZD/CAD is expected to fall further toward the next ell target at the next strong support level 0.8780 (low of the previous wave (2) from May).
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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