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The secretary of Irans Supreme National Security Council stated that Tehran will not succumb to US economic pressure and the Strait of Hormuz will remain closed until Washington fulfills its commitments.August 23 - According to the website of the China Maritime Safety Administration, the Zhanjiang Maritime Safety Administration issued a navigation warning that live-fire exercises will be conducted in parts of the South China Sea from 8:00 to 18:00 daily from August 24 to 28, and entry is prohibited.Conflict Situation: 1. According to Saudi media Hadas: Israel conducted airstrikes between the towns of Salbin and Rashaf in southern Lebanon. 2. Israel Defense Forces: The Israel Defense Forces recently opened fire on a terrorist preparing for a terrorist attack in southern Syria. 3. According to Saudi media Hadas: Military sources stated that the Yemeni National Resistance Navy destroyed a Houthi speedboat loaded with explosives in the Bab el-Mandeb Strait. Strait of Hormuz: 1. A Turkish merchant ship was attacked in the Black Sea, resulting in 1 death and 8 injuries. 2. Iranian media: Iran has decided to allow some Iraqi oil tankers to pass through the Strait of Hormuz. 3. US Energy Secretary: Oil flows smoothly through the Strait of Hormuz due to the protection of the US Navy. 4. Axios, citing US officials, reported that approximately 16 million barrels of oil left the southern route of the Strait of Hormuz on Friday night. Other Matters: 1. Iran: Defense equipment production doubled overall in the past year. 2. Iran: The United States has declined and no longer possesses international prestige. 3. Repair work at Irans South Pars No. 14 oil refinery is 70% complete. 4. Iranian Foreign Ministry: The new US sanctions against Iran have no basis in international law. 5. Iranian official: Any country involved in economic restrictions against Iran is considered an enemy. 6. Israeli Defense Minister: Turkey intends to conduct activities at Syrian bases that endanger Israeli security. 7. Palestinian Vice President: The decision to hold legislative elections next November will not change. 8. Israel: Israel says it has no intention of escalating the conflict with Turkey and will never accept Turkish troops stationed in Syria. 9. Senior Iranian security official: Trumps reckless behavior has spurred countries to desire nuclear weapons. 10. Iranian Parliament Speaker Ghalibaf: Iran has received information from neighboring countries regarding the establishment of "new security arrangements and economic cooperation." 11. Secretary of Irans Supreme National Security Council Rezaei: Iran will strike at the interests of countries that assist the US in waging economic war against Iran. 12. Japanese Foreign Minister: Many challenges remain regarding the Iranian issue. I had in-depth discussions with the Saudi minister on a range of issues, including urging the US and Iran to resume negotiations as soon as possible, creating a favorable environment for reaching a final agreement, and ensuring free and safe navigation in the Strait of Hormuz and the Bab el-Mandeb Strait. We will further deepen our cooperation in the future.Conflict Update: 1. Putin stated that Russian forces have intensified their crackdown on Ukrainian businesses. 2. Ukraine attacked a Russian logistics center, causing a fire. 3. According to TASS, Russian President Putin stated that Ukraines attacks on economic targets have opened a "Pandoras box." 4. The Russian Ministry of Defense reported on the 21st that Russian forces continued their strikes against ports and vessels serving the interests of the Ukrainian armed forces. The report stated that Russian drones struck a military warehouse in the port of Leny; a Ukrainian naval patrol boat in the port of Chernomorsk; and port infrastructure used for storing military supplies in the southern port. Additionally, Russian forces seized control of a settlement in the Donetsk region. 5. Ukrainian President Zelenskyy posted on social media on the 21st that Ukrainian forces launched a long-range strike early that morning, hitting two important Russian targets: an oil refinery and a military airport. Ukraine also stated that it had achieved results on the Black Sea front, but did not disclose specific targets or damage levels. 6. A Ukrainian drone strike on a warehouse belonging to Russian online retailer Ozon killed at least 10 people. Other developments: 1. Russia is reportedly considering purchasing grain to offset the impact of export disruptions. 2. Indian Ministry of External Affairs: Indian External Affairs Minister S. Jaishankar will pay an official visit to Russia from August 23 to 24. 3. Ukrainian President Zelensky: Discussed the air defense shortage with French President Macron, and Macron agreed to expedite the delivery of the latest French equipment.On August 23, according to Iranian sources on August 22, Iranian Defense Ministry spokesman Reza Tarai-nik stated in an interview that Irans overall weapons and defense equipment production has doubled over the past year. Production of some strategic equipment prioritized for wartime deployment has even more than tripled. To maintain military secrecy, some equipment systems have not yet been publicly displayed. He also stated that if the enemy makes another foolish mistake, it will face an even greater defeat.

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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