USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD reversed from resistance zone
2019-11-11 • Updated
- USD/CAD reversed from resistance zone
- Next sell target - 1.2600
USD/CAD recently reversed down sharply from the resistance zone lying between the strong resistance level 1.2900 (which reversed the previous intermediate impulse wave (1) at the end of October), 50% Fibonacci correction of the previous downward impulse from May and the upper daily Bollinger Band. USD/CAD is expected to fall to the next sell target at the next support level 1.2600 (previous resistance level from October).
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.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.