USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD rising inside minor impulse wave 3
2019-11-11 • Updated
- USD/CAD rising inside minor impulse wave 3
- Next buy targets - 1.3540 and 1.3600
USD/CAD continues to rise inside the sharp minor impulse wave 3 which started earlier from the support zone lying between the support level 1.3260, lower daily Bollinger Band, 50% Fibonacci correction of the upward impulse 1 from January and the support trendline of the daily down channel from March (which has enclosed the previous ABC correction 2).
USD/CAD is expected to rise to the next buy target at the resistance level 1.3540 (top of the previous wave 1) – the breakout of which can lead to further gains toward 1.3600 (top of wave (1) from December).
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.
Welcome to October, the tenth month of 2023. For this installment of What to Trade, I have handpicked a few of my favorite trade ideas for the month. Let’s go over a few of them.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.