USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD broke support zone
2019-11-11 • Updated
- USD/CAD broke support zone
- Next sell target - 1.2820
USD/CAD recently broke the support zone lying between the round support level 1.3000 (which has been reversing the price from the end of July), 100-day moving average and 50% Fibonacci correction of the previous sharp upward impulse from April. USD/CAD is expected to fall further toward the next sell target at the next support level 1.2820 (former support from May).
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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