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 after the recent breakout of the key support level 1.2770 (former pivotal resistance level from August). The breakout of the support level 1.2770 accelerated the active minor impulse wave 1 – which belongs to the intermediate impulse (3) – which started previously from the resistance zone lying between the 200-day moving average and the round resistance level 1.3000. 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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