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The three major U.S. stock index futures extended their losses, with S&P 500 futures falling 0.6% and Nasdaq futures falling 0.7%.Futures June 17, 1. India, Myanmar and other places will have heavy rainfall in the next three days. Affected by the monsoon trough, parts of western and northeastern India, Bangladesh, western and southern Myanmar, southwestern Thailand and other places will have heavy to torrential rain. Among them, Gujarat, India, Rakhine State, Myanmar and other places will have heavy rain, accompanied by short-term heavy precipitation, thunderstorms and strong convective weather such as gale. 2. High temperature weather in Central Asia, West Asia, southwestern United States and other places will continue for the next three days. Parts of Central Asia, West Asia, most of North Africa, central and southern Portugal, eastern and southern Spain, southwestern United States, northern Mexico and other places will have high temperature weather above 35℃. Among them, the highest temperature in southern Kazakhstan, western Uzbekistan, western Turkmenistan, Iraq, Saudi Arabia, Yemen, Oman, Iran, southern Afghanistan, central and southern Pakistan, northwestern India and other places will exceed 40℃, and local temperatures may reach above 45℃. 3. There will be precipitation, strong winds and cooling weather in central and northern Europe. In the next three days, affected by the low vortex, Northern Europe, most of Eastern Europe and eastern Central Europe will have light to moderate rain, with heavy rain in some areas; most of central and northern Europe will have a temperature drop of 4 to 6℃, accompanied by 4 to 5 winds, with gusts of 7 to 8.Goldman Sachs: We still expect an oversupply of LNG in the market, causing natural gas storage levels in northwestern Europe to approach capacity limits in the summer of 2027.Goldman Sachs continues to raise its forecasts for Egypts LNG imports to reflect its structural market gap.French President Macron: The United States has proposed a meeting with Iran, and subsequent developments remain to be seen.

Despite decreased oil prices, USDCAD fights above 1.3400; news on the US midterm elections is in focus

Daniel Rogers

Nov 09, 2022 17:59

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Amid tumultuous market conditions, the USDCAD is trading near 1.3450 ahead of Wednesday's European session. In addition to covid concerns from China and a cautious disposition before of significant data/events, the closure of the United States government has restricted the Loonie pair's recent fluctuations.

 

However, weakening prices of Canada's principal export, especially WTI Crude Oil, support USDCAD bulls. As of press time, the energy benchmark has decreased for three consecutive trading days, falling 0.85% intraday to approximately $87.75.

 

Aside from this, the US Dollar Index (DXY) shows small increases near 109.70 despite mounting fears of a US government deadlock due to the outcomes of the most recent election. In addition to articles anticipating a six-month high in China's covid rate and additional virus-driven lockdowns, the market's concerns and the USDCAD exchange rate may be heightened.

 

S&P 500 Futures struggle to replicate Wall Street's advances, as US 10-year Treasury rates stay bearish despite breaking a four-day downturn the previous day.

 

The uncertainty around Thursday's US Consumer Price Index (CPI) for October and a speech by the Governor of the Bank of Canada (BOC), Tiff Macklem, provides a challenge to pair purchasers, it should be noted. Recent inconsistent US numbers and Fedspeak, as well as the BOC's delaying of rate hikes, may be to blame.

 

A one-week-old descending trend line depicts the current USDCAD decline. The bearish MACD signal and the obvious breach of the preceding support line from the beginning of October also provide sellers with optimism. In addition, the bearish picture is strengthened by the pair's continued trading below the 200-SMA.