USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
NZD/CAD reversed from support area
2019-11-11 • Updated
- NZD/CAD reversed from support area
- Next buy target - 0.9350
NZD/CAD continues to rise inside the minor impulse wave 3, which recently reversed up from the support area lying between the pivotal support level 0.9200 (former resistance level from the start of February) and 38.2% Fibonacci correction of the previous sharp upward impulse from the end of January. NZD/CAD is expected to rise further toward the next buy target at the next resistance level 0.9350 (top of the previous minor impulse wave (iii)).
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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