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technical analysis

The Bank of Canada held its monetary policy meeting on Wednesday. As widely forecast, the BoC left the key interest rate steady at 1.75%.

Ahead of the BoC meeting, Canada’s inflation data came out. Consumer prices were seen to be fairly stable for December. The BoC, in its statement, gave a cautious assessment of the economy as it stays alert to persisting slower growth and geopolitical risks.

US Existing Home Sales Rise More than Forecast

Existing home sales report for December beat expectations strongly. Data from the National Association of Realtors showed that existing home sales rose by 5.54 million in December, representing about a 3.6% increase on the month. This came after a drop of nearly 1.7% just the month before.

EURUSD Settles into a Range

The common currency is clearly seen moving into a sideways range between the 1.1100 and 1.1072 region. We expect this sideways movement to continue into today’s ECB meeting.

A breakout from either of these levels will potentially signal ...

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