USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD broke key support level 1.2420
2019-11-11 • Updated
- USD/CAD broke key support level 1.2420
- Next sell target - 1.2100
USD/CAD continues to fall strongly after the earlier breakout of the key support level 1.2420 (which stopped the previous sharp impulse wave (1) and which was set as the sell target in our earlier forecast for this currency pair). The breakout of the support level 1.2420 accelerated the active minor impulse wave 3 – which started earlier from the resistance trendline of the daily down channel from the middle of May. USD/CAD is expected to fall to next sell target at the next support level 1.2100 (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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