Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/CAD looking to make a solid rebound
2019-11-11 • Updated
GBP/CAD has been starting the week within a range established by our Fibonacci projections across the board. The Fibo level of 50% at 1.6768 is acting as a demand zone and in case that the pair holds last Friday’s lows, it could point to test the -23.6% Fibo level at 1.7343 once it break above November 1st highs. To the downside, if it manages to break below 1.6651, then it can reach the 78.6% Fibo level at 1.6544.
RSI indicator is entering the overbought territory, calling for a pull back.
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
Get ready for some suspense as the Bank of Canada faces a tough decision on whether to raise interest rates or keep them on hold. The resilient Canadian economy and the goal of curbing inflation further are at the heart of this dilemma. While some money markets and economists predict another rate hike, others believe the central bank should exercise caution and wait, hinting at a possible increase later in the summer.
Let's take a closer look at Australia's recent economic performance. Brace yourselves for some interesting developments. The country's economy experienced its slowest growth since late 2021 in the first quarter, raising doubts about the Reserve Bank of Australia's rapid interest rate increases. Despite the bank's record-breaking 12 rate hikes in the last 13 months, the resource-rich economy only grew by a modest 0.2% in the quarter, falling short of economists' expectations.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.