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Canadian Highlights The Bank of Canada made a super-sized interest rate cut this week, taking the overnight rate to 3.75%. The Bank cited the significant decline in inflation as a key factor, but their inflation forecast was little changed from July. The Bank’s data dependence has made policy decisions backward looking. If they had focused […]

The post The Weekly Bottom Line: Is 50 the New 25? appeared first on Action Forex.

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Canada: Retail Sales Grow for the Second Consecutive Month, Supported by Auto Sales.

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Markets Weekly Outlook – ‘Magnificent 7’ Earnings, BoJ Meeting and US Jobs Data

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13/06/2024

Nasdaq 100: Minor Melt-Up Sequence May Have Hit a Roadblock

The Dow Jones Industrial Average (DJIA) has given up all its ex-post US CPI intraday gains triggered by losses inflicted on the 10-year US Treasury Note futures. The ongoing weakness seen on the DJIA may act as a drag on the Nasdaq 100. Watch the 19,800 pivotal resistance on the Nasdaq 100 for a potential […]
07/12/2023

EURGBP Moves Sideways After Significant Plunge

EURGBP fails to extend negative structure 20- and 200-SMAs post death cross EURGBP is stubbornly fighting the nearby 0.8555 support level for the fifth consecutive trading day, after the strong sell-off from the 0.8765 resistance. The pair is holding well below the penetrated uptrend line and the 20- and the 200-day simple moving averages (SMAs) […]
26/07/2024

Elliott Wave Intraday Analysis: CHFJPY Bouncing Higher from Support Zone

Short Term Elliott Wave view in CHFJPY suggests the decline from 7.11.2024 high unfolded as a zigzag structure. Down from 7.11.2024 high, wave A ended at 175.84 and rally in wave B ended at 177.64. The pair then extended lower in wave C with internal subdivision as an impulse. Down from wave B, wave ((i)) […]