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Spokesperson for the National Development and Reform Commission: In recent years, the country has coordinated the planning and construction of intercity railways, actively building "city clusters on rails" in some key areas, effectively supporting the in-depth implementation of major regional strategies and the new urbanization strategy. Currently, the backbone network of intercity railways in the "four major city clusters" of Beijing-Tianjin-Hebei, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and the Chengdu-Chongqing Economic Circle is rapidly taking shape, with a total mileage of nearly 1,800 kilometers. Operational efficiency is steadily improving, and major cities within the city clusters can now generally be reached within 1 to 2 hours. This has played an important role in facilitating peoples travel, improving the comprehensive carrying capacity of city clusters, and promoting coordinated regional development. 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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.