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Market Picture The crypto market rose 1.2% in 24 hours to $2.25 trillion, approaching the highs set exactly one month ago. New highs could attract more buyers and signal a break in the multi-month downtrend. The sentiment index rose to 59, the highest since late July, which looks like the optimal range for further gains. […]

The post Crypto Market Tests One-Month High appeared first on Action Forex.

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USDCAD Tumbles and Hits Support Near 1.3425

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07/12/2023

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart is currently exhibiting a bearish overall momentum, and there’s a possibility of a bearish reaction off the 1st resistance level, leading to a potential drop towards the 1st support. On the support side, the 1st support at 103.69 is identified as an overlap support level, suggesting it could […]
04/12/2023

Could BoC Remain Hawkish?

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 […]
04/07/2024

USD/CAD Breaks Key Support

On 25 June, we noted that the USD/CAD price had approached a crucial support level—the lower boundary of a converging triangle, which indicated a relative balance of supply and demand in the market during May. Since then, the price has bounced twice from this level (as indicated by the arrow). Today, as the USD/CAD chart […]