The USD/CAD has traded slightly lower this morning as traders are waiting for the Bank of Canada’s Monetary Policy Report today and tomorrow’s U.S GDP numbers.

The 23Q4 Y/Y blended earnings growth estimate is 4.5%. If the energy sector is excluded, the growth rate for the index is 8.2%.

The price of Solana fell below $80.00 yesterday, forming a low at the $78.14 level. This week’s new low for the Cardano price was formed at the 0.448 level.

After opening the day on positive note, Indian share markets gained the momentum as the session progressed and ended on firm footing.

Several companies are poised to disclose their latest earnings on Wednesday after the market closes, with much of the focus being on AI-centric IBM.

S&P 500 overcame the selling pressure with ease, stopping in my high 4,870s support area. Being pulled up by healthy rotations let Nasdaq and communications shine.

The EUR/USD pushed higher in the first half of Wednesday’s session, boosted by positive signals from the equity markets, as the dollar eased back against most major currencies.

A look at the current technical situation and potential scenarios for the next few days.

British services firms experienced increased growth this month. Data revealed a smaller-than-anticipated budget deficit for December in Britain. Market indicators suggest approximately a 50% probability that the BoE will start rate cuts in May.

Nvidia’s upcoming earnings report is highly anticipated, with expectations set for substantial growth in both earnings and revenue.

Looking for a development of wave (ii).

The Dollar rally looks to be taking a breather midweek with the DXY pulling back from the latest test of 103.48 resistance.

US equity futures have extended the record run, while the US Dollar has been sold across the board.

Workday, Inc. provides enterprise cloud applications in the United States and internationally.

Abbott Laboratories announces Q4 results with $10.24 billion in revenue and an EPS of $1.19.

The American Cannabis MSOs Index was up 5.0% last week and is now up 22.3% MTD.

The Bank of Canada will hold its first monetary policy meeting of the year today. Like other G10 central banks, the Bank of Canada is not yet ready to cut rates.

Eurozone consumer confidence fell in January. The ECB will likely pause interest rate hikes in the upcoming meeting. Investors will scrutinize ECB chief Christine Lagarde’s press conference for indications of the future direction of rates.

Thursday’s GDP report is expected to show that growth was moderate in the final three months of 2023 – news that will support the ‘soft landing’ view that’s been popular with some economists.

Should the Fed cut now? That is what former Fed economist Claudia Sahm says.