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On September 21, a spokesperson for the Iranian Revolutionary Guard stated that some people believe, for example, that Yemen and Lebanon are our proxy forces. They have deep feelings about the territorial integrity of their countries, and they have their own policies, judgments, and decisions. Resistance groups are absolutely not Iranian proxy forces. Our martyrs leader has stated that there is only one proxy force in this region, and that is the Israeli occupying regime, which is a proxy force of the United States and Europe.Iranian Revolutionary Guard spokesman: Today, American bases are not even capable of protecting themselves.On September 21, Ingenic Semiconductor (03696.HK) announced a multi-million dollar collaboration agreement with a leading fundamental modeling lab. The two companies will jointly develop, validate, and commercialize a range of cutting-edge models designed specifically for biological research, based on the MMAI Gym training framework.On September 21, Moodys Analytics stated in a report that Australias unemployment rate likely rose slightly to 4.6% in August from 4.5% in July. The report noted that economic activity is softening, partly due to successive interest rate hikes dampening demand. More intense competition for job vacancies and a declining trend in new job advertisements are signs of a weakening labor market. The relevant unemployment data is scheduled for release on Thursday.On September 21, the National Press and Publication Administration issued the "15th Five-Year Plan for the Development of the Publishing Industry," clarifying the overall requirements, goals, tasks, and safeguard measures for the publishing industry during the 15th Five-Year Plan period, and outlining the blueprint and direction for the industrys development. The plan proposes that by 2030, the publishing industry will achieve significant results in high-quality development, and its role in stimulating cultural innovation and creativity and promoting cultural prosperity will become more prominent. The plan adheres to a unified approach of goal-oriented and problem-oriented strategies, focusing on eight key areas: strengthening thematic publishing, continuously expanding the supply of high-quality publications, deepening nationwide reading initiatives, accelerating the deep integration of publishing, promoting systemic reform of the newspaper industry, driving innovative development in the printing and distribution industry, strengthening international communication in publishing, and building a high-level publishing talent pool. It outlines key tasks to be implemented during the 15th Five-Year Plan period, listing eight special columns and 33 major projects, covering the entire publishing chain and all areas, including content production, reading promotion, industry upgrading, international communication, and talent development.

As investors wait for US/Canada employment data, the USD/CAD trading range is limited to 40 pips

Daniel Rogers

Apr 06, 2023 13:36

 USD:CAD.png

 

The USD/CAD pair retraced below 1.3450 in the early Asian session as the US Dollar Index (DXY) lost upside momentum after reaching the key resistance level of 102.00. As investors anticipate the release of the United States/Canada Employment data, the Canadian dollar is expected to deliver a dazzling performance.

 

As a consequence of a decline in Job Openings and sluggish additions of new positions, as measured by Automatic Data Processing, firms have slackened recruitment efforts, thereby alleviating the tight US labor market. (ADP). This has led to expectations that the Federal Reserve (Fed) will keep interest rates unchanged at its May meeting.

 

In the interim, S&P500 futures have resumed their downward trend, indicating a cautious market sentiment.

 

Employment data will influence the Canadian Dollar. The consensus estimate for Net Change in Employment is 12K, which is a decrease from the previous release of 21.8K. The estimated unemployment rate is 5.1%, up from 5.0% previously.

 

The USD/CAD exchange rate is exhibiting an Inverted Flag pattern on an hourly time frame. The Inverted Flag is a trend-following pattern that consists of a protracted consolidation followed by a decline. Participants prefer to enter an auction after a bearish bias has been established, and current vendors increase their position size during the consolidation phase of a chart pattern.

 

The Canadian dollar was unable to maintain a position above the 50-period Exponential Moving Average (EMA) at 1.3458, indicating that further declines are imminent.

 

Meanwhile, the Relative Strength Index (RSI) (14) has an upper limit of 60.00. A violation of the unfavorable 20.00-40.00 range will trigger downward momentum.

 

A break below the low of April 04, 1.3406, would expose the asset to a fresh six-week low around 1.3350, the low of February 6 followed by round-number support at 1.3300.

 

In an alternative scenario, a move above the psychological resistance of 1.3500 would lend momentum to US Dollar supporters, propelling the asset toward the 31- and 29-March highs of 1.3559 and 1.3619, respectively.


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