Global macro overview for 26/05/2016
May 26, 2016 11:50 amVideo
Latest News
- Technical analysis – US 500 index slips after all-time high but holds within bullish area May 23, 2024
- Nvidia set to propel Wall Street to new highs but Fed uncertainty weighs – Stock Markets May 23, 2024
- Trading Signals for EUR/USD for May 23-25, 2024: buy above 1.0834 (200 EMA – rebound) May 23, 2024
- Trading Signals for SILVER (XAG/USD) for May 23-25, 2024: buy above 30.00 (200 EMA – rebound) May 23, 2024
- Forex forecast 05/23/2024: EUR/USD, GBP/USD, USDX, Oil and Bitcoin from Sebastian Seliga May 23, 2024
- Video market update for May 23, 2024 May 23, 2024
- USD/JPY: Simple trading tips for novice traders on May 23rd. Analysis of yesterday’s forex transactions May 23, 2024
- GBP/USD: Simple trading tips for novice traders on May 23rd. Analysis of yesterday’s forex transactions May 23, 2024
- EUR/USD: Simple trading tips for novice traders on May 23rd. Analysis of yesterday’s forex transactions May 23, 2024
- Technical Analysis – EURUSD recovers ground, remaining above downtrend line May 23, 2024
- Technical Analysis – EURGBP tests critical pivot area after slump May 23, 2024
- Midweek Technical Look – EURGBP, USDCHF, US 500 May 23, 2024
- Market Comment – Dollar benefits from hawkish Fed minutes May 23, 2024
- Technical Analysis – Is USDJPY still searching for new highs? May 23, 2024
- Technical Analysis – Can Nvidia unlock 1,000 level? May 23, 2024
- Speculation of spot ether ETF refuels crypto rally – Crypto News May 23, 2024
- Technical Analysis – GBPUSD moves near its new 2-month high May 23, 2024
- Ups and downs: market reaction to the Fed and Nvidia’s success May 23, 2024
- Forecast for EUR/USD pair on May 23, 2024 May 23, 2024
- Forecast for GBP/USD pair on May 23, 2024 May 23, 2024
Global macro overview for 26/05/2016:
The Bank of Canada has decided to keep the overnight rate unchanged at the level of 0.5%. Moreover, the bank rate remained at 0.75% and the deposit rate at 0.25%. In the BoC statement, the greatest emphasis has been put on the recent wildfire consequences, bringing a lot of disruption and temporarily holding back oil production. According to the Bank of Canada forecast, the economic damage caused by the wildfires will cut around 1.25 % points from the real GDP growth in the second quarter of 2016. Moreover, the recent downward revision to 1% from 2.2% in April makes the strong start of the year to look worse than expected.
Let’s now take a look at the GBP/CAD technical picture in the daily time frame. Since the top at the level of 2.0975, bears were in control over the market. The series of lower lows and lower highs supports this view, but the recent high at the level of 1.9305 might be the first higher high in the downtrend. Nevertheless, the market is still trading below the 200 and 100 moving average and it look like the bears might want to put on test the level of 1.8744 before any meaningful rally occurs again.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: