BofA stays bearish on the U.S. dollar

Equities Weekly Overview: Challenges and Anticipations Despite a strong recovery on the last trading day, the Dow Jones Industrial Average concluded the week down nearly 2%, marking its most significant weekly downturn since the previous October. Market sentiment has been affected by heightened caution, stemming from comments by Federal Reserve officials, including Chair Jerome Powell,…

Introduction The USD/CAD currency pair has garnered significant attention from traders and investors, with the U.S. dollar strengthening against the Canadian dollar, propelling the pair to new yearly highs. This development reflects broader macroeconomic trends, including fluctuating crude oil prices, central bank policies, and investor sentiment, that have defined the forex landscape throughout 2024. As…

JPMorgan takes profit on Chinese yuan rally Source link

Daily Pivots: (S1) 1.3470; (P) 1.3490; (R1) 1.3514; More… Intraday bias in USD/CAD remains neutral at this point. Some more consolidations would be seen above 1.3439, and stronger recovery cannot be ruled out. But further decline is expected as long as 1.3617 resistance holds. Break of 1.3439 and sustained trading below 61.8% retracement of 1.3091…

Wave IV consolidation since late 2021 appears to be maturing near key support. Elliott Wave structure favors a Wave V breakout toward the 6,600–6,800 zone Avenue Supermarts Ltd. (DMart) is showing a strong bullish structure on the weekly chart based on Elliott Wave theory. The long-term trend turned positive after the stock formed a major…