USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
NZD/CAD reversed from powerful support zone
2019-11-11 • Updated
- NZD/CAD reversed from powerful support zone
- Next buy target - 0.9450
NZD/CAD recently revered up sharply from the powerful support zone lying between the support levels 0.9270 and 0.9220 (which also reversed the price sharply in December and January). This support zone was strengthened by the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer – which started the active minor correction ii.
Given the bullish divergence on the daily Stochastic indicator - NZD/CAD is expected to rise further to the next buy target at the resistance level 0.9450 (top of the previous minor corrective wave ii).
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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