USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
NZD/CAD reversed from resistance zone
2019-11-11 • Updated
- NZD/CAD reversed from resistance zone
- Next sell target - 0.9075
NZD/CAD continues to fall after the earlier downward reversal from the resistance zone lying at the intersection of resistance level 0.9200 (former support from February), upper daily Bollinger Ban and the 61.8% Fibonacci correction of the previous ABC correction (2) from the middle of March. NZD/CAD is expected to fall further toward the next sell target at the next support level 0.9075 (low of the previous wave 2).
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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