ONLINE FOREX BROKER
2023-04-24 • Updated
Oh, the poor Canadian Dollar. It's been underperforming against the US Dollar lately, extending its losses from last week. What's causing this unfortunate turn of events? Well, it's none other than crude oil - a key export of Canada. The black gold has been taking a beating lately, with WTI down almost 7 percent in recent times. This has been caused by fears of a global growth slowdown, as highlighted in the Federal Reserve's beige book. And as if that weren't enough, China's economy is also playing a role, with industrial production falling behind, which is more sensitive to the health of the global economy. It's no wonder USDCAD has been climbing higher recently, marking its best week since March. So, where is USDCAD headed in May? Let's see what the Price Action has to say.
Most things have stayed the same on the US Dollar chart since my initial article. The close of the previous candle on the weekly timeframe only added even further confirmation to the sentiment from last week. The basic confluences are; a rally-base-rally demand zone, trendline support, 100-Period Moving Average, and the alignment of the Moving Averages in a proper ascending manner.
Analysts’ Expectations:
Direction: Bullish
Target: 103.933
Invalidation: 99.629
Last week, I indicated a bullish intent on USDCAD based on the price action confluences I had seen, and true to the analysis, we ended the week with a bullish reaction from the rally-base-rally demand zone with the help of the other contributing factors; the trendline support, 50-Period Moving Average, and the Fibonacci retracement level. I believe this sentiment will play out for a while.
Analysts’ Expectations:
Direction: Bullish
Target: 1.38220
Invalidation: 1.31822
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
Here's the scoop: The Bank of England (BOE) is set to accelerate the pace at which it shrinks its balance sheet, according to one of its deputy governors. Currently, the BOE is unwinding about £20 billion of quantitative easing every three months. The goal is to reduce the stock by around £80 billion per year through active sales and maturing assets.
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.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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