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CPI growth decelerated to 2.9% year-over-year from 3.4% in December – back under the top end of the Bank of Canada’s (BoC) 1% to 3% target range for the first time since June 2023. Energy and food price growth continued to slow, but the Bank of Canada’s preferred ‘core’ measures of broader inflation pressures also […]

The post Canadian January CPI Growth Edged into BoC’s Target Range appeared first on Action Forex.

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Technical Outlook and Review

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02/04/2024

EUR/USD outlook: Bears Eye 2024 low

The Euro fell to new multi-week low early Tuesday, weighed by firm dollar and recent dovish comments from ECB policymakers, who see four rate cuts in 2024. Monday’s 0.4% drop and close below 1.0762 (Fibo 76.4% of 1.0695/1.0981 upleg), adds to bearish near-term outlook and unmasks key support at 1.0695 (2024 low, posted on Feb […]
15/01/2024

Dollar Index: Firmer Tone Keeps in Play Hopes for Test of Near-Term Range Top

The dollar index keeps positive tone in holiday-thinned Monday’s trading and attempting again through pivotal Fibo barrier at 102.27 (50% retracement of 104.27/100.29 bear-leg), where the action failed several times recently. Sustained break here to improve near-term picture and shift focus to the upside for potential attack at key barriers at 102.74/84 (recent range top […]
07/02/2024

What Now for US Dollar After Rate Cut Delay?

US dollar re-energized as strong data, hawkish Fed dent early rate cut bets American economy still churning out new jobs, shows no signs of cracks Will hot economy scupper the Fed’s plan to ease policy this year? From recession fears to overheating risk The US dollar may have ended 2023 on a bearish note as […]