Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
Will USD/CAD keep falling?
2019-11-11 • Updated
SELL 1.3240; TP1 1.3200; TP2 1.3115; SL 1.3255
On W1, USD/CAD formed last week a bearish candlestick with the long upper wick. This is a sign that traders are eager to sell the USD on its attempts to recover. On D1, the pair formed a bearish flag and then corrected up to the previous support and now resistance provided by this pattern. Yesterday the recovery slowed down ahead of the resistance line connecting January highs. The daily Awesome Oscillator is declining. USD/CAD is will likely resume its decline moving towards the lower border of the weekly rising channel targeting the 100-day MA at 1.3200 and probably even the 200-day MA at 1.3115.
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