USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD broke resistance level 1.3000
2019-11-11 • Updated
- USD/CAD broke resistance level 1.3000
- Next buy target - 1.3130
USD/CAD continues to rise after the earlier breakout of the powerful resistance level 1.3000 (which has been steadily reversing the price from the end of May, as can be seen below). The breakout of this resistance level accelerated the active minor impulse wave 3, which belongs to the medium-term upward impulse wave (3) from last month. USD/CAD is expected to rise further toward the next buy target at the next resistance level 1.3130 (multi-month high from March).
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.
Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
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