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Irans Foreign Ministry: The United States attacked an Iranian merchant ship and demanded that the US release all crew members.On April 21, Zhang Yunming, Vice Minister of Industry and Information Technology, stated at a press conference held by the State Council Information Office that in the first quarter, the Ministry of Industry and Information Technology implemented the new round of work plans for stabilizing growth in ten key industries, focusing on optimizing and upgrading the production capacity structure. The raw materials industry achieved a good start, with a more robust transformation and a stronger industrial base. Going forward, the Ministry of Industry and Information Technology will thoroughly implement the deployment of the 15th Five-Year Plan, adhering to a combination of "strengthening the foundation" and "cultivating new growth," and strengthening overall planning and policy supply. On the one hand, it will focus on consolidating the foundation for upgrading traditional industries, promoting the optimization of existing production capacity and green and safe transformation; on the other hand, it will fully activate the innovation engine, accelerate the layout of cutting-edge materials and breakthroughs in key materials, providing more solid and reliable material support for developing new productive forces and promoting new industrialization.On April 21st, Futures News reported that as of April 20th, the mainstream closing price of benzene in East China was 8700 yuan/ton, a decrease of 160 yuan/ton from the previous trading day. Lower crude oil prices, coupled with lower international prices and better-than-expected March import figures, dampened market enthusiasm for price increases, leading to a lower price center. As prices fell to around 8650 yuan/ton, market buying interest picked up again. Looking ahead, as benzene prices rise, downstream price transmission resistance is increasing, but the lower prices are still expected to boost market buying interest, with downstream factories continuing to buy on dips. Renewed tensions in the Strait of Hormuz and a strong rebound in European and American crude oil futures suggest that market prices will remain relatively strong in the short term.On April 21, the State Council Information Office held a press conference to introduce the development of industry and information technology in the first quarter of 2026. Xie Cun, spokesperson of the Ministry of Industry and Information Technology and Director of the Information and Communications Development Department, said that in the next step, the Ministry of Industry and Information Technology will focus on creating an upgraded version of 5G+Industrial Internet, strengthen factor guarantees, accelerate the introduction of implementation opinions on promoting the high-quality development of industrial internet, coordinate the construction of network identification, platform data security and other projects, and strive to improve the development of the five major systems of policy, infrastructure, technology, application and ecosystem.On April 21, Al Jazeera reported that former U.S. Deputy Assistant Secretary for Arabian Peninsula Affairs Daniel Benaim stated in an interview: "The stepping stone to this war, the opportunity when the U.S. could have declared victory directly, may have appeared long ago, but we didnt seize it. We are now embroiled in an extremely complex military engagement and an extremely complex diplomatic game with Iran. Every objective set by the U.S. when launching the war against Iran has fallen far short of expectations. We talked about containing Irans nuclear program authoritatively for a long time. Certainly, some of these objectives could have been achieved without resorting to war."

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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