USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
NZD/CAD falling inside the impulse wave 5
2019-11-11 • Updated
- NZD/CAD falling inside the impulse wave 5
- Next sell target - 0.8740
NZD/CAD continues to fall inside the minor impulse wave 5 which started earlier from the strong resistance area lying between the resistance level 0.9060, upper daily Bollinger Band and the resistance trendline of the sharp daily down channel from June. The active impulse wave 3 belongs to the intermediate impulse wave (C) from the start of June. NZD/CAD is expected to fall to the next sell target at the next support level 0.8740 (low of the previous wave (b)).
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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