Canada Fails to Control Prices

Canada Fails to Control Prices

It’s Wednesday, the froggy day for the whole internet. Here’s news that moves the market:

Most impactful events of the day

  • Argentina’s Central Bank raises interest rates to 97% in an attempt to control soaring inflation.
  • In the US, Texas introduces a bill to ban central bank digital currency (CBDCs) in the state. Also, Florida State Governor officially bans CBDCs.
  • Elon Musk says Twitter plans to create a more efficient financial system than traditional banking.
  • Tesla said to have “Two new products” to unveil. Also, the company will “try a little advertising and see how it goes.”
  • Bill Ackman, one of the most famous investors, accumulated Google stocks throughout the previous quarter. Overall he now has $1.2 billion worth of stock. Keep an eye on the tech industry.
  • The Australian Wage Price Index is below expectations (0.8% vs. 0.9%).
  • Canada monthly CPI exceeded expectations (0.7% vs. 0.5%). AUDCAD fell 480 points.

The breakout is coming

As you can see on the chart, the price is currently in a local uptrend. To start a mid-term upward movement, USDCHF must overcome the critical resistance of 0.9000.

Therefore, watch closely after the chart. The pair already rose above the 200-period MA, and the breakout of the yellow area will surely send the pair to 0.9100.

USDCHF.pH4.png

Good luck!

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