Home Forex Forex Market Analysis Business survey of the Bank of Canada is optimistic

Business survey of the Bank of Canada is optimistic

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  • Business survey of the Bank of Canada is optimistic.
  • How much could it cost to Facebook, the loss of users confidence?
  • Dollar Index the weakness remains..

Business survey of the Bank of Canada is optimistic.

The results shown by the survey of the Spring Business Outlook published yesterday by the Bank of Canada (BoC) reflects the confidence of the business sector, which is supported by good prospects for sales in most regions and sectors. Considering the credit conditions that remain intact, respondents continue to maintain their intentions in the increase of investments, however, expect a slight adjustment in conditions.

On the technical side, the loonie is within a bearish wedge formation. The price is testing 50% of the entire previous bullish cycle. Added to this, it has also reached and broken the psychological level of the 1.27, which is acting as support at this time. Our vision is that between the 50% and 61.8% zone, it should begin to develop a bullish movement up to the area of 1.29 – 1.30. In the short term, the dominant trend is bearish. Bullish positions are valued above 1.2745.

How much could it cost to Facebook the loss of users confidence?

The social network created by Mark Zuckerberg is still in the midst of criticism. The Facebook scandal that began with Cambridge Analytica, where it was revealed that the private data of 87 million users were sold and used with the aim of manipulating the decisions of the users and that it was later shown that the private data of the most of 2 billion users are vulnerable. It has led his CEO to have to testify in front of the United States Congress. Senator John Neely Kennedy mentioned that he agrees to regulate Facebook. Senator John Thrune, meanwhile, said that “the biggest question that Mark Zuckerberg should answer is what Facebook is responsible for what happens on its platform, how it will protect users’ data and how it intends to stop harmful behaviours instead of being forced proactively.”

The problems for the social network are not limited to the attempt to regulate their activity and control of the privacy of information, or to the campaign with the hashtag #DeleteFacebook that has been promoted since the scandal was announced. The price is developing a bearish corrective structure that is testing the long-term trend line. On the other hand, the stock has been below the 200-day exponential moving average, changing the market sentiment to bearish. Structurally, we expect the price to reach $ 149 and could fall between $ 129 to $ 121 as the target level. The closest resistances are $ 162 and $ 167, while the most relevant supports are $ 149 and $ 145.

Dollar Index the weakness remains.

The index of the green ticket continues in a lateral range, with a clear resistance in 90.3, which has not yet been overcome. The key control areas are 89.5 and 89.1, levels that could act as pivots in the medium term. Our long-term vision remains bearish with pending objectives in the area of 87.6 – 86.5.

©Forex.Academy

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