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The Bank of Canada (BoC) held its policy rate at 2.75% for the second consecutive announcement. In justifying its stand-pat decision the Bank pointed to tariff uncertainty remaining high, the economy is softer, but not sharpy weaker, and there has been some unexpected firmness in inflation. In their calculus these changes netted out to keeping […]

The post Bank of Canada Holds Rates Steady, Offers More Forward Guidance  appeared first on Action Forex.

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Gold Poised for Further Gains as US Economic Outlook Deteriorates

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03/12/2024

Gold Could See Further Weakness

Gold remains below 50-day SMA MACD and RSI mirror the market’s waning momentum Gold prices have been developing with weak momentum over the past few sessions, hovering beneath the 50-day simple moving average (SMA) and the 2,605 support level. The pair remains well above the medium-term ascending trend line, but the technical oscillators are mirroring […]
27/05/2024

Sunset Market Commentary

Markets Bank of France governor and ECB governing council member Villeroy leveraged low volume trading conditions (UK & US markets are closed) to get maximum market impact with some dovish comments. So far, ECB members generally didn’t pre-commit on the H2 2024 ECB policy rate path after the done deal 25 bps June rate cut. […]
09/01/2024

Dow Futures (YM) Doing Elliott Wave Corrective Pullback

Short-term Elliott Wave View in Dow Futures (YM) suggests that the rally to $38115 high has ended the cycle from the 10.27.2023 low in wave (3) as 5 wave impulse structure. Down from there, the index is doing a corrective pullback in wave (4) against the October 2023 low cycle. And is expected to find […]