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Message: [QUOTE="Resolve, post: 224097, member: 29339"] [B][SIZE=5]USD/CAD Analysis: How the Bank of Canada Decision Affected the National Currency[/SIZE][/B] [img]https://i.imgur.com/fzkixV7.jpg[/img] Yesterday it became known that the Bank of Canada (BOC) decided to keep the rate at 5% — the highest level in 22 years. [B]Here are the key takeaways from CEO Tiff Macklem's press conference:[/B] → excess demand is declining, but the BOC is remaining concerned about persistence of high inflation; → the labor market is gradually calming down, but wage growth remains high; → second-quarter GDP contraction attributed to a noticeable slowdown in consumption growth, a slowdown in housing market growth and the impact of wildfires across the country. Although the decision to leave the rate unchanged is a move that economists expected in a Bloomberg survey, there has been some spike in volatility in the foreign exchange market. The first emotional reaction of market participants led to the depreciation of the CAD against other currencies. But at the end of the day, the Canadian dollar strengthened — apparently, market participants still see positive in the prospects of the Canadian economy, taking into account the statements of the head of the Bank of Canada. At the same time, an interesting situation is emerging on the USD/CAD chart – the rate has declined from the important level of 1.365, from which reversals were repeatedly formed earlier this year (as the arrows show). What can we say about the formation of another bearish reversal? [img]https://i.imgur.com/8KrfI1P.jpg[/img] [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I][B]Disclaimer:[/B] 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.[/I] [automerge]1694087985[/automerge] [B][SIZE=5]Commodity Currencies, Pound and Euro in Search of Medium-term Bottom[/SIZE][/B] [img]https://i.imgur.com/iTmk4A7.jpg[/img] Yesterday's multidirectional statistics from the US contributed to the test of significant levels by major currency pairs. Thus, the GBP/USD pair fell to 1.2500, the EUR/USD pair re-tested 1.0700, and commodity currencies managed to find temporary support. [B][SIZE=5]AUD/USD[/SIZE][/B] In early September, the Australian currency came under additional pressure due to negative economic data from China. The slowdown in the world's second largest economy, provoked by the deepening decline in the real estate market, could not but affect the currencies of China's trading partners. After the RBA left the base interest rate unchanged at the beginning of the week, the AUD/USD pair updated the August low of this year at 0.6360. Yesterday, buyers managed to keep the price above the recent lows, but if the situation in the commodity market does not stabilise, the downtrend may continue towards 0.6100-0.6000. Cancellation of the downward scenario may be considered after a firm consolidation above 0.6520. From the point of view of fundamental analysis, today at 15:30 GMT+3, we are waiting for weekly data on the number of applications for unemployment benefits in the US. [img]https://i.imgur.com/GY0Ybst.jpg[/img] [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I][B]Disclaimer:[/B] 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.[/I] [/QUOTE]

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