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September 21st - According to Iranian sources on the 20th, Iranian Foreign Minister Araqchi will visit Qatar to discuss the regional situation. Reports indicate that Araqchi left Tehran on the evening of the 20th for New York to attend the 81st UN General Assembly. He will first make a brief stop in Doha, Qatar, to discuss the current regional situation. Qatari Foreign Ministry spokesman Majid Ansari stated on the 20th that Qatar is maintaining communication with the United States and Iran, pushing for the resumption of negotiations between the two countries. He said that several US government officials have indicated that the US hopes to reach an agreement and end the conflict. Speaking at the Qatar Economic Forum in New York, Ansari stated that Qatar has been exchanging views with the United States and Iran over the past few weeks, and Qatar is working to bridge its differences. However, he did not provide a timetable for resuming negotiations.On September 21, Vice President Han Zheng met with Australian House Speaker John Dick in Beijing. Han Zheng stated that China and Australia are important partners. Last July, President Xi Jinping met with Prime Minister Albanese, charting the course for further positive development of bilateral relations. China is willing to work with Australia, guided by the important consensus reached by the leaders of the two countries, upholding the principles of equality, seeking common ground while reserving differences, and mutually beneficial cooperation, to enhance strategic communication, deepen mutually beneficial cooperation, strengthen multilateral coordination, properly handle differences, and promote the building of a more mature, stable, and fruitful comprehensive strategic partnership between China and Australia. Dick stated that this visit allowed him to personally witness the deepening economic and trade exchanges and close people-to-people ties between the two countries, and he was pleased to see the stable and fruitful development of Australia-China relations. Australia attaches great importance to Australia-China relations and adheres to the one-China policy. The Australian House of Representatives is willing to strengthen dialogue and exchanges with China, expand pragmatic cooperation, and bring benefits to the people of both countries.New Zealand Prime Minister Lukeson: New Zealand has now ratified the free trade agreement with India.On September 21, following the turmoil at Situational Awareness, a hedge fund betting on artificial intelligence that resulted in massive losses for Jane Street, the Bank of England and the Federal Reserve have stepped up their scrutiny of banks exposure to large trading firms. Sources familiar with the matter said regulators are questioning global banks about their exposure to trading firms and market makers, including New York-based Jane Street and Ken Griffins Citadel Securities. These regulators had previously prioritized understanding banks exposure to so-called non-bank financial intermediaries. However, sources indicated that they have intensified their efforts to understand positions related to trading firms and market makers after this sell-off and Jane Streets losses. Regulators want information on these firms risk appetite, how banks exposure to them changes intraday, and how risk controls operate.According to the Financial Times, the Federal Reserve and the Bank of England are increasing their scrutiny of banks and trading firms risk exposures.

USD/CAD Bears are nearing multi-month support close to $1.3470

Alina Haynes

Mar 31, 2023 11:49

USD:CAD.png

 

USD/CAD sellers eye 1.3520-25 after falling to the lowest levels since February 22 as markets become volatile on Friday ahead of the release of crucial US inflation data. As a result, during the five-day losing sequence, the Loonie duo demonstrates modest losses.

 

However, the successful break below the 50-day moving average and the bearish MACD signals maintain optimism among sellers. The absence of a fatigued RSI (14) line strengthens the bearish bias.

 

Notably, a rising support line from early June 2022, which was near 1.3475 at the time of publication, appears to be a formidable obstacle for USD/CAD bears to surmount. In addition to emphasizing the significance of the 1.3475 level, the decline of the RSI below the 50 level suggests that purchasing near the key support line is likely.

 

The 200-day moving average and an ascending trend line from mid-November 2022 near 1.3375 and 1.3295 could challenge the bears if the Loonie pair breaches the 1.3475 support level.

 

To convince short-term USD/CAD investors, recovery advances require confirmation from the 50-day simple moving average (SMA) resistance of 1.3545.

 

However, the mid-month low around 1.3650-55 and December 2022 highs around 1.3705 can challenge the Loonie pair's further ascent before underscoring the previous yearly high of 1.3977.