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The Bottom Line: The BoC made the leap to cut the overnight rate by 50 bps today, amid accumulating evidence that the economy and labour markets are weakening by more than what is necessary to achieve the 2% inflation target. The reduction won’t be the last one. The level of the overnight rate is still […]

The post BoC Accelerates Pace of Rate Cuts appeared first on Action Forex.

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01/11/2024

US Stocks Feel Selling Pressure

Indices The major US indices began the week with an attempt to return to growth but were choked by selling. Once again, the laggard was the Dow Jones, which slipped below last week’s lows, losing 3% from its previous high on 21 October to levels near 42000. The Nasdaq100 briefly approached 20700, almost repeating its […]
02/05/2024

Gold Price Could Restart Increase Above This Resistance

Key Highlights Gold started a downside correction and traded below $2,350. A connecting bearish trend line is forming with resistance at $2,325 on the 4-hour chart. Oil prices extended losses but remained stable above $80.00. Bitcoin price traded to a new weekly low below $60,000. Gold Price Technical Analysis Gold prices started a downside correction […]
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 […]