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We expect the Bank of Canada’s final policy decision of 2024 on Wednesday to be another 50 basis point interest rate cut—adding to a 50 bps cut in October and 125 bps in total cuts since June. Canada’s economic backdrop has yet to crumble in a way that would cause the BoC to panic, but […]

The post Bank of Canada to Cut Interest Rates Again by 50 Basis Points appeared first on Action Forex.

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25/06/2024

Bitcoin’s Attractive Drop

Market Picture The cryptocurrency market was falling to a total capitalisation of $2.2 trillion at the end of the day on Monday but managed to add over 2% to the lows, recovering to $2.25 trillion, down 0.5% from the day before. The technical picture in Bitcoin is almost perfect. The low price of $58.2K coincided […]
22/06/2024

The Weekly Bottom Line: A Grand Slam of Economic Data

U.S. Highlights U.S. retail sales grew marginally in May, however the downward revision in April points to waning momentum among U.S. consumers. Housing starts and building permits both declined in May as higher interest rates weigh on builder confidence. U.S. existing home sales dipped for a third consecutive month as record home prices stretch buyers’ […]
28/06/2024

Market Analysis: GBP/USD Turns Red While USD/CAD Rallies

GBP/USD declined below the 1.2670 support zone. USD/CAD is rising and might aim for more gains above the 1.3735 resistance. Important Takeaways for GBP/USD and USD/CAD Analysis Today The British Pound started a fresh decline from the 1.2700 resistance zone. There is a key bearish trend line forming with resistance at 1.2640 on the hourly […]