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.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?