USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD broke key support level 1.2770
2019-11-11 • Updated
- USD/CAD broke key support level 1.2770
- Next sell target - 1.2600
USD/CAD continues to fall sharply inside the minor impulse wave 5 which belongs to the strong intermediate downward impulse wave (3) from the start of June. The price earlier broke through the round support level 1.3000 and more recently – it broke through the key support level 1.2770 (low of the previous minor correction 2 from August of 2016). Both of these support breakouts strengthened the bearish pressure on this currency pair. USD/CAD is expected to fall to the next sell target at the next support level 1.2600.
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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