USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD broke resistance zone
2019-11-11 • Updated
- USD/CAD broke resistance zone
- Next buy target 1.3200
USD/CAD continues to rise after the earlier breakout of the resistance zone lying between the key resistance level 1.2900 (which has been reversing the price from the end of September) and the 50% Fibonacci correction of the previous sharp downward impulse from May. The breakout of this resistance zone strengthened the bullish pressure on this currency pair. USD/CAD is expected to rise further toward the next buy target at the next resistance level 1.3200.
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.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
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