Online Forex broker
2019-11-11 • Updated
Recommendation:
BUY 1.2510
SL 1.2455
TP1 1.261 TP2 1.272 TP3 1.285
On the daily chart, USD/CAD bulls managed to rise above the upper border of the uptrend channel. As a result, the odds of an inverted “Shark” pattern with target at 88.6% have substantially increased.
On H1, the probability of USD/CAD pulling back to support levels at 1.2485-1.2510 and 1.2390-1.2410 increased after the pair reached 113% target of the junior “Shark” pattern. If USD/CAD renews February high, this will create grounds for going to 88.6% target of the senior “Shark” pattern.
The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.
Recently, the Bank of Canada hiked the interest rates by 50 basis points. It is now 1.5%, and it’s only the beginning.
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
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
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.
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