Canada released data showing a drop in retail sales in February. There is more pressure on the Bank of Canada than on the Fed to cut interest rates. A rebound in oil prices supported the Canadian dollar. The USD/CAD forecast points downward as the Canadian dollar rebounds following a dip triggered by disappointing economic data.... The post USD/CAD Forecast: Data-Driven Rise Fades Amid Weaker Dollar appeared first on Forex Crunch ..read more

The bias is bearish as long as it stays within the descending pitchfork’s body. The US data should be decisive today. A new higher high activates an upward movement. The gold price is trading in the green at $2,319 at the time of writing. The precious metal is struggling to come back higher after the... The post Gold Price Near Key Dynamic Resistance, Advance GDP Eyed appeared first on Forex Crunch ..read more

Staying above the median line indicates further growth. The US and Canadian figures should bring high action later today. The EUR/USD pair tries to confirm its breakout. The EUR/USD price touched 1.0714 today, registering a new weekly high. However, the pair failed to stay above the 1.07 psychological level and is now trading at 1.0686... The post EUR/USD Price Retraces Below 1.07 as Dollar Regains appeared first on Forex Crunch ..read more

Australia’s CPI increased by 1% in Q1, beating estimates for an increase of 0.8%. There is a 4% chance of an RBA hike in August. PMI data showed a decline in US business activity in April. The Australian dollar is rising, propelled by unexpectedly high inflation figures, painting a bullish picture for the AUD/USD forecast.... The post AUD/USD Forecast: Rallies as Rate Cut Bets Ease After Hot CPI appeared first on Forex Crunch ..read more

Data on Tuesday revealed a big jump in the Eurozone’s services sector. ECB’s Luis de Guindos confirmed the June rate cut. Any policy divergence between the Fed and the ECB could weaken the euro. The EUR/USD price analysis leans bullish as the euro gains ground on upbeat PMI data. Despite this positive momentum, investor focus... The post EUR/USD Price Analysis: Euro Finds Respite on Better PMI appeared first on Forex Crunch ..read more

Escaping from the up channel announced a potential leg down. Taking out the immediate downside obstacles opens the door for more declines. The US data could change sentiment in the short term. The gold price tumbled after failing to retest the new all-time high of $2,431 and is now trading at $2,294 at the time... The post Gold Price Looking for a Deeper Correction Below $2,300 appeared first on Forex Crunch ..read more

On Friday, oil prices temporarily increased after the initial shock that Israel had attacked Iran. Economic data points to more upside potential for the USD/CAD pair. Markets expect the Bank of Canada to cut interest rates before the Fed. With the Canadian dollar extending its rally from last week, the USD/CAD outlook remains bearish despite... The post USD/CAD Outlook: Canadian Dollar Surges Despite Falling Oil appeared first on Forex Crunch ..read more

The risk of UK inflation stalling above the central bank’s target has dropped. UK inflation fell to 3.2% in March from 3.4% the previous month. Services inflation in the UK remained relatively high at 6.0% in March. Expectations for the GBP/USD forecast are bearish as the pound continues to decline following last week’s dovish remarks... The post GBP/USD Forecast: 1.23 Broken Following BoE’s Remarks appeared first on Forex Crunch ..read more

US retail sales beat forecasts, rising 0.7% in March. Fed officials became more cautious about the timing of rate cuts. Ueda said the BoJ would hike rates if yen weakness leads to high inflation. The USD/JPY weekly forecast charts a bullish course, fueled by positive US data and fading expectations for Fed rate cuts. Ups... The post USD/JPY Weekly Forecast: Dollar Bid Amid Hawkish Fed appeared first on Forex Crunch ..read more

The AUD/USD weekly forecast is overshadowed by strong US retail sales data and deteriorating risk sentiment. Poor employment data from Australia and Middle East tensions weakened the Aussie. Australia will release its CPI report next week. The AUD/USD weekly forecast unveils a bearish trend due to the dual forces of dollar resilience and escalating geopolitical... The post AUD/USD Weekly Forecast: Geopolitics Take Toll on Aussie appeared first on Forex Crunch ..read more