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.
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.
The Bank of Canada (BoC) is expected to raise interest rates for the second time in a row on Wednesday, reflecting resilient growth, a tight labor market, and persistent underlying inflation…
Saudi Arabia and Russia, two of the world's largest oil producers, have decided to extend cuts to their oil production to support oil prices and boost income. This move comes despite weakened demand due to the sluggish economy.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
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