USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD reversed from support zone
2021-11-11 • Updated
- AUD/CAD reversed from support zone
- Next buy target - 1.0330
AUD/CAD continues to rise inside the minor impulse wave (v) – which started earlier – when the pair reversed up from the support zone lying between the key support level 1.0160, support trendline of the daily up channel from January and the 50% Fibonacci correction of the upward impulse from February. The active impulse wave (v) belongs to wave 3 from January.
AUD/CAD is expected to rise to the next buy target at the resistance level 1.0330 (which reversed the previous minor impulse wave (iii) earlier this month).
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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.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...