Forex Today: Bank of Canada Hikes, but Signals Pause

The long-term bullish trend in remains valid after Gold make a new 9-month high yesterday at $1948, and we have seen Copper maintain its recent strong bullish breakout.

In the Forex market, the US Dollar is again declining weakly, but the US Dollar Index is very close to support, which is looking likely to hold, possibly stalling much further decline. remains within a valid bullish trend and has risen to stand just a few pips short of a 9-month high above $1.09, so it is likely we will see higher prices there over the coming days.release of US Advance GDP data, which is expected to show GDP increasing at an annualized rate of 2.6%.

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Bank of Canada set for one more rate hike in historic tightening campaignThe Bank of Canada is expected to raise interest rates to a 15-year high on Wednesday in the face of a tight job market and above-target inflation, but economists say the move could be the last in the current tightening cycle. Past few months have clearly shown that .bankofcanada is in hands of incompetent people!
Source: Reuters - 🏆 2. / 97 Read more »