USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD: bullish 'Hammer' pattern
2019-11-11 • Updated
There's a local bullish 'Hammer', which has been formed right after a 'Three Methods' pattern. Also, the market fixated above the Moving Averages. So, it's likely that the pair is going to test the nearest resistance at 1.3391. However, if a pullback from this level happens little later on, bears will probably try to achieve the 89 Moving Average, which could be a departure point for another upward price movement.
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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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During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...