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.
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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!