After bouncing off the previous Major trendline last month, Bitcoin seems to be retesting the support area again in hopes of catching a bullish momentum.
Trade idea for USD/CAD
2019-11-11 • Updated
TP1 1.2885 TP2 1.273 TP3 1.267
On the daily chart, bulls are trying to return USD/CAD inside the long-term uptrend channel. If they fail, sellers will seize the initiative. Bears want to renew September low and trigger a “Broadening wedge” and AB=CD.
On H1, if USD/CAD pulls back from resistance at 1.3075 and forms “Three Indians” pattern on the correction, it may be a signal for selling. A conservative approach suggests selling on the break of support at 1.2985.
After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?
All eyes seem to be on the US Dollar as traders await the Federal Reserve Chair's speech this Thursday at the Cato Institute's Annual Monetary Conference.
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The US dollar index has all chances of reaching the 2000s high of 120.00.
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