USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD falling inside minor impulse wave 3
2019-11-11 • Updated
- USD/CAD falling inside minor impulse wave 3
- Next sell target - 1.2420
USD/CAD continues to fall inside the minor impulse wave 1, which belongs to the intermediate impulse wave (3) from the middle of August. Impulse wave (3) started when the pair reversed down with the daily Evening Star from the resistance zone lying between the resistance level 1.2800, upper daily Bollinger Band, resistance trendline of the daily down channel from May and the 38.2% Fibonacci correction of the downward impulse from June. USD/CAD is expected to fall to next sell target at the next support level 1.2420 (low of the previous impulse wave (1)).
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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