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The ChiNext index rose more than 1% intraday, while the Shanghai Composite Index is currently down 0.3%. Sectors such as marine economy, semiconductors, liquor, grain, cross-border payment, and food processing are among the top gainers.March 16th, Futures News: Economies.com analysts latest view: Spot silver prices fluctuated in the latest intraday trading, influenced by the stability of the key support level of $79.50. This price level, mentioned as a potential target in our previous analysis, provided upward momentum, helping spot silver partially recover its previous losses and alleviating the obvious oversold condition on the Relative Strength Index (RSI), especially with the appearance of positive converging signals. However, as the price is still trading below the EMA50, negative pressure remains. The EMA50, acting as dynamic resistance, limits the possibility of a full rebound in spot silver in the short term. Furthermore, the break below the short-term bullish corrective trendline exacerbated this impact.Philippine Energy Minister: The Philippines has been in contact with Russia regarding potential oil imports.March 16th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices retreated slightly in the latest intraday trading. This pullback is a corrective move, designed to accumulate momentum for further gains, potentially resuming the upward trend. This pullback occurred against the backdrop of prices consistently finding dynamic support, as they have remained above the EMA50 moving average, further solidifying the stability and dominance of the main bullish trend in the short term. Prices are also moving along the support line of this trend. Notably, the Relative Strength Index (RSI), after digesting its previous overbought condition, has begun to release positive signals, opening up upward channels for further profit-taking in the near term.March 16th, Futures News: Economies.com analysts latest view: Brent crude oil futures prices continued to rise in the latest intraday trading, successfully breaking through the key psychological resistance level of $100.00. Supported by improved momentum, prices are expected to further extend recent gains. Meanwhile, with prices continuing to trade above the 50-day EMA, dynamic support remains in place, and the main bullish trend remains dominant in the short term.

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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