OctaFX | OctaFX Forex Broker
Open trading account

Stay long USD/CAD – Danske

FXStreet (Barcelona) - The Danske Bank Research Team note that the USD/CAD pair will continue to project further strength in the long term and a break above 1.1403 will see the pair moving towards 1.1688 levels.

Key Quotes

“USD/CAD has been easing lower within a corrective channel off the current year to date high at 1.1466.”

“Momentum supports/confirms the markets positive structure, and a break above 1.1403, the 11 November minor lower ceiling, would trigger the start of the next up-leg, through 1.1466, towards 1.1688, the 61.8% retracement level of the major March 2009 to July 2011 decline (not shown).”

“Through this point then opens 1.1717/25, where equality of the 1.0182-1.1279 rise from 1.0620, merges with the July 2009 peak. A breach of this region then focuses the major reversal’s projected target at 1.1865.”

“Immediate support rests at 1.1260, while only a loss of late October’s lower rejection at 1.1122 would cause concern.”

Switzerland Employment Level (QoQ) came in at 4.23M, above forecasts (4.22M) in 3Q

Read more Previous

Gold falls below USD 1200

Gold prices fell below USD 1200 after being unable to sustain gains above the 50-DMA level of 1203.50 during the Asian session.
Read more Next
Start livechat