All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.
Daily Market Analysis
EUR/USD managed to recover some of its last week’s decline, rising for the 2nd day in a row (Friday & Monday). However, such upside momentum is unlikely to continue.
Gold managed to bounce back right after the US Jobs Report on Friday and closed the week near $1900 resistance. Gold continues to benefit from inflation expectations. Yet, such rebound is unlikely to be sustainable.
The US Jobs Report could be considered as a disappointing report, excluding the wages growth which keeps the fears over inflation.
Gold has declined but then reached support. What's next?
USD/CAD managed to advance further yesterday breaking above 1.21, reaching as high as 1.2128 earlier today, while our long signal that was issued at 1.2060 is now in profit with over +60 pips.
Summer brings positive inflows into the crypto market! What should we be aware of?
Gold regained above $1900/Oz during yesterday’s trading, reaching as high as $1910 but it failed to sustain these gains during the Asian session today, leading to another leg lower back below $1900/Oz.
USD/CAD declined once again to the same support area between 1.2040 and 1.2020 which remains solid for over three weeks now.
As warned over the past few days, gold is not in a position to keep on rising. Yesterday gold managed to rise all the way to $1,916.
AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
The first day of summer is here! What was May like for the US stock indices? And, most importantly, what should we expect next?