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June 14th - This morning, the Songjiawan Downward Tunnel and the Pujia Gou Upward Tunnel, two key connecting tunnels located at Lezhi Station in Ziyang, Sichuan Province, were successfully completed, marking a crucial breakthrough in the hub connection project between the Chengdu-Chongqing Central Line High-Speed Railway and the Chengdu-Dazhou-Wanzhou High-Speed Railway. Lezhi Station is a newly built station and the only hub station connecting both high-speed railways simultaneously. The two connecting tunnels link the main lines towards Chengdu and Chongqing respectively, providing convenient conditions for trains to cross lines and turn around for traffic congestion relief.June 14th - According to US sources on the 13th, a US military fighter jet crashed on a mountain in Washington state, triggering a wildfire. The pilot ejected safely. It is understood that the F/A-18 Super Hornet fighter jet, belonging to the US Marine Corps, was conducting "routine training" before the crash.On June 14, it was reported that on June 13, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Mongolian Foreign Minister Battsetseg in Ulaanbaatar. Wang Yi emphasized that China is willing to work with Mongolia, under the strategic guidance of the two heads of state, to continue efforts towards building a community with a shared future of peaceful coexistence, mutual assistance, and win-win cooperation. Chinas foreign policy has always maintained continuity and stability, and China is willing to continue to be a trustworthy and reliable partner for Mongolia, providing sustainable support for Mongolias development and revitalization. Chinas 15th Five-Year Plan provides a comprehensive plan for high-quality development over the next five years and also offers the world a list of opportunities. The Chinese and Mongolian economies are highly complementary, and strengthening the alignment of development strategies is conducive to expanding cooperation areas, tapping cooperation potential, and promoting the economic and social development of both countries. China is willing to work with Mongolia to jointly build the Belt and Road Initiative with high quality, expand economic and trade cooperation, promote the improvement and increase of cooperation in various fields, and achieve more tangible results.June 14th - According to the China State Railway Group, from January to May this year, the national railway system transported a total of 1.67 billion tons of freight, with daily loading volume reaching a record high. Data released by the China State Railway Group shows that in the first five months, the national railway system transported a total of 1.67 billion tons of freight, a year-on-year increase of 1.8%; the average daily loading volume was 186,300 wagons, a year-on-year increase of 2.8%, with 202,400 wagons loaded on May 2nd, setting a new record for daily loading volume.According to Fox News: A senior U.S. government official said he believes an excellent and strong agreement has been reached.

European Open: FTSE Aims For a 5th Bullish Week, USD/CAD in Focus

Skylar Shaw

Apr 12, 2022 10:55

The ASX 200 index in Australia increased by 33.4 points (0.45 percent) to 7,476.20.


The Nikkei 225 index in Japan has gained 87.06 points (0.25 percent) and now trades at 34,583.57.


The Hang Seng index in Hong Kong has dropped -124.54 points (0.57%) and is now trading at 21,684.44.


The A50 Index in China has increased by 33.08 points (0.24 percent) to 13,884.16.


The FTSE 100 futures in the United Kingdom are now up 50 points (0.67 percent), with the cash market expected to start at 7,601.81.


Futures on the Euro STOXX 50 are now up 32 points (0.86 percent), with the cash market expected to start at 3,834.01.


The DAX futures in Germany are now up 96 points (0.68 percent), with the cash market expected to open at 14,174.


Futures in the United States: The DJI futures are now down -10 points (-0.03 percent )


Futures on the S&P 500 are now up 2 points (0.01 percent )


Futures for the Nasdaq 100 are now down -2 points (-0.04 percent )

Market Internals (FTSE)

On the weekly chart, if the FTSE closes around 7550 today, it will create a little bearish pinbar. It would also be the market's fifth straight positive week, and the first of the year. However, the FTSE hasn't had more than five positive weeks since May 2018, so the chances of a rebound next week are slim. Especially considering, as bulls lose speed, volatility into recent highs has been the lowest in the last five weeks.


08 April 2022, FTSE 350: 4230.52 (-0.45%).


16 stocks hit new 52-week highs, while 7 hit new lows.


89 (25.36 percent) equities rose, while 250 (71.23 percent) fell.


Outperformers:


Hochschild Mining PLC (HOCM.L) is up 13.77 percent, while BAE Systems PLC is up 5.16 percent (BAES.L)


Capricorn Energy PLC is up 4.72 percent (CNE.L)


Underperformers: Ferrexpo PLC (FXPO.L) -42.6 percent; Polymetal International PLC (POLYP.L) -37.8 percent; EVRAZ plc -30.4 percent (EVRE.L)

 

At 13:30 BST, the job situation in Canada will be discussed.


Employment in Canada is now at 5.5 percent, the lowest level since June 2019. Even yet, if it matches projections and falls to 5.4 percent, it would be the lowest it has been in at least 48 years.


Expectations for another big job gain are modest, with the consensus hovering around 80k, a long cry from the 336.6k it printed in February. Still, since that fears of nuclear war have (hopefully) diminished compared to a month ago, another solid report might tilt the scales back towards a BOC (Bank of Canada) rate rise this month.


Prior to the jobs report in Canada, the USD/CAD is hovering at resistance.


While currency and commodities market volatility remained minimal overnight, we observed a continuation of yesterday's developments. For the eighth day in a row, the dollar is higher (while the euro is down). In today's Asian Open report, we mentioned a probable bull flag on GBP/AUD, and a similar setup is emerging on GBP/CAD, albeit we'd need to see a break above the 1.6473 high to invalidate the bearish channel and confirm the flag.

 

The possibility for USD/CAD to mean reversion on the daily chart was highlighted on Tuesday, and it has not disappointed, climbing for two days in a row and hitting our top bullish objective. Prices are stabilizing at the highs on the four-hour chart, as the monthly pivot point, weekly R1, and 200-bar eMA offer resistance.


Given that markets are already pricing in a 50-bps raise from the Bank of Canada this month, a shockingly weak jobs data for Canada might see the pair break decisively higher (and may also provide the more volatile move). However, if the jobs data is greater than predicted, USD/CAD may retreat from its recent highs. As a result, the zone between 1.2580 and 1.2610 is crucial to monitor.


Regardless of today's conclusion, considering the recovery from 1.24 after its powerful bullish pinbar on Tuesday, we may see this one break higher in the future.

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