FXOpen
A short digest of the fresh and saturated news background:
→ Inflation in the US coincided with analysts' expectations. Core CPI was 5.6% in annual terms. The main problem for suppressing inflation is the rise in prices for energy resources (oil has updated the maximum of the year). According to Bloomberg, the union of Russia and Saudi Arabia in the oil market can create problems in this regard.
→ Minutes of the Fed meeting showed that officials expect a mild recession.
→ The ECB believes that inflation has become more extensive in Europe, but the lion's share of increases is already behind.
→ The Bank of Canada left the rate unchanged at 4.5%, expecting a fall in inflation, but is ready for further increases if necessary.
Reacting to the above and other important news, the US dollar index fell to the lows of the year on the foreign exchange market. Accordingly, the euro, pound and Canadian dollar strengthened. The latter forms a pattern that attracts attention.
On the USDCAD chart, we can observe a narrowing triangle (1-2), indicating the balance of supply and demand. The breakdown of the (3) triangle in March turned out to be false. By its behaviour, the market suggests that the true exit from the triangle will take place in a bearish direction. And this could be the beginning of a long-term downtrend.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Coca-Cola Company (KO) Shares Trade Near All-Time High
Stock market charts indicate that from the start of last week’s trading through to its close:
→ The S&P 500 Index (US SPX 500 mini on FXOpen) declined by approximately 3%;
→ Pepsico (PEP) shares dropped by more than
BTC/USD Analysis: Bulls on the Offensive
In our previous analysis of Bitcoin’s price (14 April), we:
→ constructed a long-term ascending channel (marked with blue lines);
→ highlighted resistance level R, suggesting that the bulls were seizing the initiative in an attempt to pave the way for
Market Analysis: Gold Extends Record Run, WTI Crude Oil Rebound in Tandem
Gold price started a fresh surge above the $3,250 resistance level. WTI Crude oil prices climbed higher above $60.00 and might extend gains.
Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today
· Gold price started a