USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD: 'Evening Star' led to decline
2019-11-11 • Updated
The price has been declining since the last 'Evening Star' pattern formed. However, the market faced support by the 55 Moving Average and the 'Window', so there're bullish patterns such a 'Hammer' and a 'High Wave', which both haven't been confirmed yet. So, it's likely that the pair is going to test the nearest support at 1.3249 once again. If a pullback from this level happens next, bulls will probably try to reach the previously achieved resistance at 1.3466.
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.
The US dollar index has all chances of reaching the 2000s high of 120.00.
The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy
After bouncing off the previous Major trendline last month, Bitcoin seems to be retesting the support area again in hopes of catching a bullish momentum.