USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD rising inside the minor impulse wave (iii)
2019-11-11 • Updated
- USD/CAD rising inside the minor impulse wave (iii)
- Next buy target - 1.3130
USD/CAD has been rising in the last few trading sessions inside the minor impulse wave (iii), which started earlier from the support zone lying between the key support level 1.2760 and the lower daily Bollinger Band. The active impulse wave (iii) belongs to the impulse 3 of the medium-term upward impulse (3) from April. USD/CAD is expected to rise further toward the next buy target at the next resistance level 1.3130 (high of the previous impulse wave (1)).
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 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.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.