USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
NZD/CAD is continuing downward movement
2019-11-11 • Updated
On the H1 chart of NZD/CAD, the price once again bounced back from the local resistance level of 0.8404 and is on the way down to support at 0.8281. 50-period MA is already below 200-period MA, with 100-period MA also dropping. This should mean that NZD/CAD most probably will break through the nearest support level to the next support at 0.8253. If the movement gets back up into the bullish trend, the resistance levels are at 0.8342, 0.8359 and 0.8404.
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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