ONLINE FOREX BROKER
2021-11-11 • Updated
GBP/CAD continues to rise following the earlier upward reversal from the support zone lying between the key support level 1.6550 (former strong resistance level from January) and the 50% Fibonacci correction of the strong sharp upward impulse wave (iii) from the middle of March. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Piercing Line.
GBP/CAD is expected to rise to the next buy target at the resistance level 1.6900 (which stopped the previous minor impulse wave (iii) at the end of March).
Last Friday’s NFP was disappointing. The reaction of the markets was astonishing. Will it last longer? Let's find out the main trade opportunities for the upcoming week.
Weaker recoveries were seen in both the UK manufacturing and service sectors, with the latter recording the greatest loss of momentum since July.
What will happen? The Bank of England will present a monetary policy statement on Thursday, August 4 at 14:00 MT (GMT+3)…
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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