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The Canadian Dollar (CAD) weakened on Monday as it lagged behind the strengthening US Dollar ahead of the Federal Reserve’s rate decision. This week, the CAD is underrepresented on the economic calendar, making it susceptible to broader market movements and central bank appearances. Key data to watch includes Wednesday’s Canadian GDP for May, anticipated to […]

The post CADJPY: Trade of the Week appeared first on Action Forex.

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GBPUSD Extends Pullback From 1-Year High

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22/01/2024

EUR/USD Could Restart Increase If It Clears This Resistance

Key Highlights EUR/USD declined below 1.0920 and tested the 1.0845 zone. A key bearish trend line is forming with resistance near 1.0900 on the 4-hour chart. GBP/USD is eyeing a decent increase above the 1.2750 resistance. Gold prices found support near $2,000 and started a fresh increase. EUR/USD Technical Analysis The Euro failed to clear […]
02/02/2024

Sunset Market Commentary

Markets The Bank of England kept its policy rate unchanged at 5.25% in a 3-way split with two members (Mann & Haskel) preferring a 25 bps rate increase to 5.5% and one member (Dhingra) voting in favour to reduce it by 25 bps to 5%. That compares with consecutive 6-3 votes (3 in favour of […]
01/08/2024

BTCUSD Retreats from 1-Month High

BTCUSD pulls back after touching the 70,000 mark The bears eye the 50-day SMA as next crucial target Momentum indicators are skewed to the downside BTCUSD (Bitcoin) had a very strong July, with the price reaching the 70,000 psychological mark for the first time in more than a month. Since then, it has been experiencing a downside […]