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.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
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?