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All ducks appear to be in a row for the Bank of Canada to kick-start the policy easing cycle and lower the overnight rate by 25 basis points to 4.75% on Wednesday. The move follows cuts from the Swiss National Bank and the Riksbank (central bank of Sweden) in recent weeks and comes after the […]

The post Bank of Canada Set to Make the First Interest Rate Cut Next Week appeared first on Action Forex.

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02/08/2024

GBP/USD Outlook: Remains in Red But Bears Face Headwinds from Daily Cloud Top

Cable remains in red in early Friday, following Thursday’s 0.9% drop (the biggest daily loss since Apr 10) as fresh risk aversion deflated sterling. Bears extended to one-month low but find a footstep at 1.2706 (top of thick ascending daily cloud) and may pause here, as daily studies are becoming oversold and strong negative momentum […]
15/01/2024

EURGBP Continues to Oscillate Within a Range

EURGBP slides but remains within a range MACD and RSI detect negative momentum A dip below 0.8520 could turn the outlook bearish EURGBP has been drifting south recently, after it hit resistance slightly above the 0.8700 territory. That said, although the pair is currently trading below all three of the plotted exponential moving averages (EMAs) […]
31/05/2024

Canada’s Economic Growth Rebound Misses Expectations in the First Quarter 

The Canadian economy grew by 1.7% quarter/quarter annualized (q/q) in 2024 Q1, while 2023 Q4 was revised lower (+0.1% q/q from +1.0%). Furthermore, the flash estimate for April showed a +0.3% monthly increase. Stripping out external factors, final domestic demand came in at a very strong 2.9% q/q. Consumer spending supported growth, rising by +3.0% […]