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On March 21, the Israel Defense Forces (IDF) issued a statement saying that Iran recently launched a ballistic missile carrying a cluster bomb warhead into central Israel. IDF rescue forces stated that Iran launched a ballistic missile carrying a cluster bomb warhead into central Israel, causing damage to three locations in Rishon LeZion.March 21 – The Ukrainian National News Agency reported today (March 21) that a Ukrainian delegation has arrived in Miami, Florida, and will hold bilateral talks with US representatives that day. The Ukrainian delegation includes Umerov, Secretary of the National Security and Defense Council; Budanov, Chief of Staff of the Presidential Office; Kislitsa, First Deputy Chief of Staff of the Presidential Office; and Allakhamia, Chairman of the Parliamentary Faction of the Servant of the People Party. The US delegation includes US Presidential Envoy Witkov and Jared Kushner, former senior White House advisor and Trumps son-in-law. This is reportedly the first bilateral meeting between Ukraine and the US since the large-scale military action launched by the US and Israel against Iran on February 28.March 21 – The National Energy Administration released data on electric vehicle charging infrastructure nationwide for February 2026 on March 21. According to data from the National Charging Infrastructure Monitoring and Service Platform, as of the end of February 2026, the total number of electric vehicle charging infrastructure (guns) in my country reached 21.01 million, a year-on-year increase of 47.8%.On March 21, the U.S. Food and Drug Administration (FDA) announced a recall of nearly 90,000 bottles of ibuprofen for children distributed nationwide due to consumer complaints of foreign objects in the solution. According to the FDAs recall report, the medication was manufactured in India by Progress Pharmaceuticals, an international pharmaceutical company headquartered in Bangalore, under the brand name Taro Pharma "Childrens Ibuprofen Oral Suspension," containing 100 mg of ibuprofen active ingredient per 5 ml bottle, with a capacity of 120 ml. The recall involves a total of 89,592 bottles, with an expiration date of January 31, 2027. The report indicates that the recall is due to consumer complaints of foreign objects such as "gel-like substances" and "black particles" in the solution. The FDA has classified this recall as a "Level 2 recall." According to its website, a "Level 2 recall" means that the product may cause temporary or reversible health effects, but the likelihood of serious adverse consequences is low.The US representative to the United Nations stated that any easing of sanctions on Iranian oil would be "very short-lived" and limited in duration.

As investors wait for US/Canada employment data, the USD/CAD trading range is limited to 40 pips

Daniel Rogers

Apr 06, 2023 13:36

 USD:CAD.png

 

The USD/CAD pair retraced below 1.3450 in the early Asian session as the US Dollar Index (DXY) lost upside momentum after reaching the key resistance level of 102.00. As investors anticipate the release of the United States/Canada Employment data, the Canadian dollar is expected to deliver a dazzling performance.

 

As a consequence of a decline in Job Openings and sluggish additions of new positions, as measured by Automatic Data Processing, firms have slackened recruitment efforts, thereby alleviating the tight US labor market. (ADP). This has led to expectations that the Federal Reserve (Fed) will keep interest rates unchanged at its May meeting.

 

In the interim, S&P500 futures have resumed their downward trend, indicating a cautious market sentiment.

 

Employment data will influence the Canadian Dollar. The consensus estimate for Net Change in Employment is 12K, which is a decrease from the previous release of 21.8K. The estimated unemployment rate is 5.1%, up from 5.0% previously.

 

The USD/CAD exchange rate is exhibiting an Inverted Flag pattern on an hourly time frame. The Inverted Flag is a trend-following pattern that consists of a protracted consolidation followed by a decline. Participants prefer to enter an auction after a bearish bias has been established, and current vendors increase their position size during the consolidation phase of a chart pattern.

 

The Canadian dollar was unable to maintain a position above the 50-period Exponential Moving Average (EMA) at 1.3458, indicating that further declines are imminent.

 

Meanwhile, the Relative Strength Index (RSI) (14) has an upper limit of 60.00. A violation of the unfavorable 20.00-40.00 range will trigger downward momentum.

 

A break below the low of April 04, 1.3406, would expose the asset to a fresh six-week low around 1.3350, the low of February 6 followed by round-number support at 1.3300.

 

In an alternative scenario, a move above the psychological resistance of 1.3500 would lend momentum to US Dollar supporters, propelling the asset toward the 31- and 29-March highs of 1.3559 and 1.3619, respectively.