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The Australian dollar fell to a four-month low of 0.6450 against the US dollar on Wednesday, following disappointing GDP data that heightened expectations for potential interest rate cuts by the Reserve Bank of Australia (RBA). The latest GDP figures revealed that Australia’s economy expanded by only 0.3% quarter-over-quarter in Q3, falling short of the anticipated […]

The post Australian Dollar Hits Four-Month Low Amid Weak GDP Data appeared first on Action Forex.

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27/01/2024

Canada’s November GDP to Edge Higher for First Time Since May But Economy Still Looks Weak

The November Canadian gross domestic product (GDP) estimate released on Wednesday will probably tick higher for the first time in six months, but the economic backdrop to end 2023 still looks soft. We expect a 0.1% increase in GDP from October, which would be in line with Statistics Canada’s early estimate a month ago. These […]
25/09/2024

USDCAD Tumbles and Hits Support Near 1.3425

USDCAD falls sharply, accelerating prevailing retreat Both the RSI and the MACD detect bearish momentum A break below 1.3425 could extend the fall towards 1.3350 For the outlook to brighten, a rebound above 1.3645 may be needed USDCAD fell sharply on Tuesday, extending the retreat that started on Thursday after the pair hit resistance at […]
23/04/2024

EUR/USD Aims Recovery But Faces Many Hurdles

Key Highlights EUR/USD is consolidating losses above the 1.0600 support. A key bearish trend line is forming with resistance at 1.0670 on the 4-hour chart. GBP/USD extended losses and traded below 1.2420. Crude oil prices declined below the $82.50 support zone. EUR/USD Technical Analysis The Euro extended losses and traded below the 1.0650 support against […]