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 may be capable of more
2019-11-12 • Updated
BUY 1.3230; TP 1.3275; SL 1.3215
BUY 1.3205; TP 1.3275; SL 1.3180
USD/CAD firstly formed a bullish “engulfing” candlestick on the W1 and then confirmed the upside by the following strong bullish candlestick. On the daily chart it managed to form a higher low and overcome important resistance levels of the 100- and 50-day MAs (1.3195 and 1.3205). These lines will from now on act as support for the price. Yesterday the pair closed above 61.8% Fibo retracement of the October decline at 1.3228. As a result, there’s scope for the exchange rate to go up to the 1.3275/80 area (200-day MA, 78.6% Fibo). On H4, indicators show divergence, so the pair may go lower before heading to the upside targets. Look for buy signals between 1.3230 and 1.3205. The decline below 1.3190 will open the way down to 1.3160.
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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