According to Japanese Finance Minister Shunichi Suzuki, there was "no discussion" about exchange rates during the recent meeting of Group of Seven (G7) finance ministers and central bank chiefs in India. This news comes as the yen weakened to around ¥145 per dollar last month, prompting concerns that the Japanese government may intervene in the currency market to support the yen.
USD/CAD: bulls control the situation
2019-11-11 • Updated
Recommendation: BUY 1.3315 SL 1.3260 TP1 1.3415 TP2 1.3515 TP3 1.3615, SELL 1.3190 SL 1.3245 TP1 1.3110 TP2 1.3050 TP3 1.3
On a daily chart of USD/CAD, the targets of “Shark” (88.6%) and “Wolfe Waves” patterns were reached. As a result, the risks of the reversal to 23.6%, 38.2% and 50% from the CD wave increased. If the resistance at 1.3315-1.3320 is broken, the bulls can expect a further rise.
On H1, bulls keep the situation under control. However, if the pair leaves the upward channel and breaks the support at 1.3190 (23.6% from the last upward wave), the “Crab” pattern with the 161.8% target will be activated.
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