USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
NZD/CAD could find a top around 0.8930
2019-11-11 • Updated
NZD/CAD managed to make a rebound above the May 17th lows and it’s currently making a retracement from the decline held since May 8th. So, far, the pair is approaching the Fibonacci level of 50% at 0.8933, where a pullback is likely to happen in order to resume the bearish bias and put the focus towards the -23.6% Fibo zone at 0.8715. However, if the 0.8978 level gives up, then it can do a rally to test the highs from May 8th at 0.9081.
RSI indicator stays in the overbought territory, favoring to a pullback
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.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.