USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD broke above parity
2019-11-11 • Updated
- AUD/CAD broke above parity
- Next buy target - 1.0100
AUD/CAD continues to rise after the recent breakout of the resistance zone lying between the parity and the 38.2% Fibonacci correction of the previous intermediate ABC correction (2) from the start of May. The breakout of this resistance zone should accelerate the active intermediate impulse wave (3) – which started earlier from the support zone lying between the support level 0.9800 and the support trendline of the daily down channel from May. AUD/CAD is 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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