USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
NZD/CAD broke support zone
2019-11-11 • Updated
- NZD/CAD broke support zone
- Next sell target - 0.8830
NZD/CAD recently broke the support zone lying between the round support level 0.9000 (which stopped the previous minor impulse wave (iii) in April, as can be seen below) the 61.8% Fibonacci correction of the upward price impulse from January. The breakout of this support zone accelerated the active impulse wave C. NZD/CAD is expected to fall toward the next sell target at the next support level 0.8830.
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.
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.