USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD broke key resistance level 1.3000
2019-11-11 • Updated
- USD/CAD broke key resistance level 1.3000
- Next buy target - 1.3200
USD/CAD recently broke through the key round resistance level 1.3000 (which stopped the earlier minor impulse wave (i) earlier this month, as can be seen from the daily USD/CAD chart below). The breakout of the resistance level 1.3000 accelerated the active minor impulse wave 3. USD/CAD is likely to rise toward the next buy target at the next resistance level 1.3200 (forecast price for the completion of the active impulse wave 3).
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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