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BoC meets on Wednesday; it could maintain its hawkish stance Market is preparing for a series of rate cuts in 2024 Loonie’s outperformance against the US dollar could pick up speed Last Bank of Canada meeting for 2023 December starts on a high note with the final BoC meeting for 2023 held on Wednesday and […]

The post Could BoC Remain Hawkish? appeared first on Action Forex.

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27/07/2024

Weekly Economic & Financial Commentary: Wake Me Up When September Ends

Summary United States: Economic Resilience or Reticence? The U.S. economy defied expectations in the second quarter, expanding at a 2.8% annualized pace. Despite the upside surprise, we still see enough softening in inflation and signs of stress to warrant a rate cut in September. Next week: ECI (Wed.), ISM Manuf. (Thu.), Employment (Fri.) International: Bank […]
04/06/2024

WTI Wave Analysis

WTI broke key support level 76.70 Likely to fall to support level 72.00 WTI crude oil recently broke the key support level 76.70 (which has been steadily reversing the price from the middle of February). The breakout of the support level 76.70 coincided with the breakout of the 61.8% Fibonacci correction of the previous upward […]
06/05/2024

AUD/USD: Bulls Hold Grip Ahead of RBA Policy Meeting on Tuesday

AUDUSD keeps firm tone on Monday, despite Friday’s spike and subsequent pullback, though with initial warning that traders may opt for a partial profit taking after strong rally in past two days, when the pair advanced 2%. Stretched daily studies add to signals of correction, but dips are likely to be shallow and ideally contained […]