USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD broke key support level 1.2600
2019-11-11 • Updated
- USD/CAD broke key support level 1.2600
- Next sell target - 1.2400
USD/CAD continues to fall after the latest breakout of the key support level 1.2600 (low of the previous intermediate corrective wave (B)). The breakout of this support level 1.2600 accelerated the active primary impulse wave ③ - which started earlier from the powerful resistance zone surrounding the key resistance level 1.2900. USD/CAD is expected to fall to the next sell target at the next support level 1.2400 (low of wave 4 from October).
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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