Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
USD/CAD is volatile
2019-11-11 • Updated
BUY 1.3500; TP 1.3535; SL 1.3485
SELL 1.3460; TP 1.3435; SL 1.3470
The day promises to be quite interesting for USD/CAD. The market awaits the news about the trade talks between the United States and China. In addition, the Federal Reserve’s Chair Powell will speak at 15:30 MT time and America will release producer price index. On the one hand, concerns about trade negotiations are positive for USD/CAD. On the other hand, forecasts for PPI are low and Powell may sound dovish thus hurting the greenback.
Technically we favor the upside in USD/CAD in line with the general trend and the recent attempts of the pair to break higher and reach the resistance at 1.3535. Yet, momentum is not that strong, so the ultimate direction of the upcoming swing will depend on the news.
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
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