USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD reversed from support zone
2019-11-11 • Updated
- AUD/CAD reversed from support zone
- Next buy target - 1.0100
AUD/CAD today reversed up from the support zone lying between the key support level 1.0000, lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse wave (1) from the start of January, as can be seen below. The upward reversal from this support zone stopped the (c)-wave of the previous minor ABC correction 2 from the start of May.
Given the strength of the support level 1.0000, AUD/CAD can be expected to rise to the next buy target at the next resistance level 1.0100.
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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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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
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