Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
USD/CAD: loonie learned 3 moves
2019-11-11 • Updated
Recommendation:
SELL 1.3055
SL 1.311
TP1 1.2955 TP2 1.2855 TP3 1.275
On the daily chart, USD/CAD keeps forming “Three moves” pattern as well as “Spike and reversal with acceleration”. A successful test of support at 1.3055 will allow bears to lead the pair out of the descending trend channel and continue the decline. On the other hand. A turn around from the important level will give bulls hope for the uptrend’s resumption.
On H1 of USD/CAD, bulls are trying to form a “Three Indians” pattern and resume the uptrend. However, if the pair slides below July low, the sellers will develop a correction.
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