It seems like the Canadian consumer has a firm grip on their wallet, which is no surprise given the current economic climate. Inflation in April crept up from 4.3% to 4.4%, adding to the financial woes.
USD/CAD: bulls are in control
2019-11-11 • Updated
BUY 1.3065 SL 1.301 TP1 1.3165 TP2 1.3265 TP3 1.33
On the daily chart, USD/CAD almost reached convergence area of 1.3275-1.33 (200% and 127.2% targets of junior and senior AB=CD). When they reach this area, the risks of a pullback will increase. Until that moment, any corrections may be used for buying as bulls are in control.
On H1, a pullback of USD/CAD to support at 1.3050-1.3065 will the following bounce may be used for buying.
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