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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 […]

The post Canada’s November GDP to Edge Higher for First Time Since May But Economy Still Looks Weak appeared first on Action Forex.

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22/04/2024

GBPUSD Wave Analysis

GBPUSD broke key support level 1.2535 Likely to fall to support level 1.2335 GBPUSD currency pair continues to fall strongly after breaking the key support level 1.2535, which has been steadily reversing the price from December. The breakout of the support level 1.2535 coincided with true breakout of the 38.2% Fibonacci correction of the previous […]
10/04/2024

EUR/USD Holds Steady Ahead of Key Economic Updates

The EUR/USD pair is maintaining a neutral stance, trading around 1.0851 on Wednesday, as the market anticipates crucial updates, including the US inflation data for March and the outcome of the European Central Bank (ECB) meeting on Thursday. Given the significant events on the horizon, investors are exhibiting caution. The US inflation rate for March […]
04/09/2024

WTI Oil Futures Test Critical Support

WTI oil futures seek buyers around strong support trendline near 69.00 Short-term bias remains bearish; a bounce above 74.00 is needed WTI oil futures edged up to 71.44 on news that OPEC members are discussing a potential delay in a planned output hike in October. Technically, the price rotated higher after marking a nine-month low […]