USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD broke combined resistance zone
2019-11-11 • Updated
- USD/CAD broke combined resistance zone
- Next buy target - 1.2600
USD/CAD continues to rise after the earlier breakout of the combined resistance zone lying at the intersection of the key resistance level 1.2410, resistance trendline of the daily down channel from May, 30-day moving average and the 50% Fibonacci correction of the previous downward impulse 1 from August. The breakout of this resistance zone accelerated the active minor wave 2. USD/CAD is expected to rise to the next buy target at the next resistance level 1.2600 (target price for the completion of the active 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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