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The onshore RMB closed at 7.1056 against the US dollar at 16:30 on September 17, up 107 points from the previous trading day.Julius Baer analyst David Kohl stated in a report on September 17th that the Federal Reserves 25 basis point interest rate cut, coupled with recent weak US economic data, suggests the Fed is likely to continue cutting rates at each meeting until March 2026. The chief economist noted that this would shift US monetary policy from its current restrictive stance to a neutral one. "We expect the US economy to maintain balanced growth in the coming months, which provides a reasonable basis for a gradual transition from a restrictive to a neutral stance of monetary policy," he said.Deutsche Bank on Monday raised its gold price forecast for next year, predicting an average price of $4,000 per ounce, up from a previous estimate of $3,700. The bank said a favorable foreign exchange and interest rate environment could drive further price increases. "While gold appears expensive relative to its fair value, we believe this is primarily due to strong official demand, which we expect to continue," the bank said in its report. Deutsche Bank also raised its silver price forecast for 2026 to $45 per ounce, up from its previous estimate of $40.On September 17th, Jefferies Research reported that Baidu (09988.HK)s recent AI developments have attracted market attention, including the signing of several major AI partners, its recognition as a key player in both AI cloud revenue market share and large customer penetration, and the development of its Kunlun chip. Its AI agent and digital human capabilities are experiencing rapid growth, and its autonomous driving platform, Apollo Go, is expanding overseas. The bank believes that Baidus stock price reflects its emphasis on user experience in its AI search transformation and maintains a "buy" rating. The target price for the US stock has been raised from US$108 to US$157, and from HK$104 to HK$152.UK AI infrastructure company Nscale: Announced a partnership with Microsoft, Nvidia and OpenAI, committing to investing in UK artificial intelligence infrastructure.

USD/CAD Bears Anticipate Additional Losses Towards $1.34

Alina Haynes

Apr 13, 2023 14:22

 USD:CAD.png

 

Following a three-day losing trend, the USD/CAD continues to trade near the weekly low around 1.3440 in the early hours of Thursday.

 

In doing so, the Loonie pair justifies yesterday's pullback from the 61.8% Fibonacci retracement of the February-March uptrend, as well as yesterday's retreat from the 100-bar Exponential Moving Average (EMA), in conjunction with negative MACD signals.

 

Notably, the RSI (14) line is approaching the oversold region, indicating the USD/CAD exchange rate has limited downside potential.

 

Consequently, a horizontal area containing multiple lows marked since March 3 around 1.3400 becomes the most crucial support for pair traders to track. In addition, the 78.6% Fibonacci retracement level encircling 1.3390 provides immediate support.

 

A irregular decline towards February's low of 1.3262 cannot be ruled out if the USD/CAD defies RSI conditions and descends below 1.3390.

 

In contrast, the 61.8% Fibonacci retracement level around 1.3490, also known as the golden Fibonacci ratio, restricts immediate USD/CAD recovery movements prior to the 1.3535 100-exponential moving average (EMA) barrier.

 

If the USD/CAD exchange rate remains firmer than 1.3535, a convergence of the 200-exponential moving average (EMA) and 50% Fibonacci retracement around 1.3565 will pose a formidable obstacle for buyers.

 

At the time of publication, USD/CAD investors should remain cautious unless they observe a clear break above the previous support line from early February, which was near 1.3670.


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