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On March 26, the Russian Ministry of Defense reported on the 25th that in the past day, Russian forces conducted strikes on Ukrainian long-range drone assembly workshops and launch sites, energy facilities used by the Ukrainian Armed Forces, ammunition and fuel depots, and temporary deployment sites of the Ukrainian Armed Forces and foreign mercenaries in 149 areas. Russian air defense forces shot down 543 fixed-wing drones. In addition, Russian forces seized control of a settlement in the Donetsk region. On the same day, the General Staff of the Ukrainian Armed Forces reported that 191 battles occurred in the front-line areas in the past day, with Ukrainian forces repelling Russian offensives on multiple fronts. Ukrainian missile and artillery units launched strikes against a key Russian target, shooting down 2,459 Russian drones. The Ukrainian Security Service also reported that Ukrainian forces conducted a long-range strike on a Russian oil infrastructure located on the Baltic coast.On March 26, Iranian Foreign Minister Araqchi stated in an interview with state television on the 25th that the current war is neither Irans war nor the United States war, but rather Israels pushing of the United States into conflict. Araqchi claimed that Israel is the main instigator of the war. He asserted that the United States primary mission is to ensure Israels security, and its military deployments in the Middle East are aimed at protecting Israel, even at the cost of everything. Israels goal, however, is to realize its "Greater Israel" plan, coveting the territory of several countries in the region. Araqchi said that this war has revealed many facts: US military bases in the region have not only failed to guarantee the security of host countries but have also become destabilizing factors; if these countries are attacked, it is precisely because of the existence of these bases.Reserve Bank of Australia Assistant Governor Kent: The committee will formulate monetary policy to achieve low and stable inflation and full employment.Reserve Bank of Australia Assistant Governor Kent: The longer the conflict lasts, the greater the impact on the economy.Reserve Bank of Australia Assistant Governor Kent: This could push up the short-term neutral rate, thus requiring more restrictive policies.

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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