Technical outlook and ideas for Forex pairs
We have outlooked several promising Forex pairs and the result can surprise you!
USD/CAD has rebounded
Information is not investment advice
USD/CAD has been trading sideways between 1.3510 and 1.3367 for the past month. Yesterday it made a sharp rebound from the bottom of this range and now may test its top. An advance above 1.3367 (March high) will open the way up to the 1.3500/10 area. The long-term trend remains bullish.
The US dollar is helped by the demand for it as a safe haven and the lack, while the Canadian dollar is pressured by the declining oil prices after another weekly increase in the US crude stockpiles.
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European Currencies Ahead of the Banks' Statements
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
Will the FOMC Surprise the Markets?
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
What awaits the Oil Market in February?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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