
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
2019-11-11 • Updated
USD/CAD has been falling sharply in the last few trading sessions after the recent breakout of the support level 1.2600 (which was set as the sell target in our previous forecast for this currency pair). The breakout of the support level 1.2600 accelerated the already sharp intermediate downward impulse wave (3) from June – which belongs to the primary downward impulse wave Ⓒ from the start of May. USD/CAD is expected to fall to the next sell target at the next support level 1.2400 (target price for the completion of the active wave (3)).
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
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 first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
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