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.
USD/CAD: a strong CAD
2019-11-11 • Updated
SELL 1.3275 SL 1.333 TP1 1.3175 TP2 1.315 TP3 1.3085
SELL 1.3315 SL 1.337 TP1 1.3215 TP2 1.315 TP3 1.3085
On the daily chart of USD/CAD, bulls almost returned the pair to the 1.3275-1.3315 convergence (targets of "Shark" and "Wolfe waves" patterns). When the pair reaches the convergence, it will increase odds of the pullback to the current upward movement.
On H1, the pair left the short-term consolidation of 1.305-1.3165, it let bulls hope that the pair will reach the 113% target of the "Shark" pattern. After the pair reaches it, risks of the pullback to 23.6%, 38.2% and 50% from the CD wave will increase.
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.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD
The US dollar index has all chances of reaching the 2000s high of 120.00.
The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy