EUR/USD 1.16436
-0.007%
Gold 4202.09
-0.158%
Oil 59.876
0.659%
USD/JPY 155.296
0.120%
GBP/USD 1.33325
0.040%
GBP/JPY 207.053
0.174%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Conflict Situation: 1. Russia – Over the past day, Russian forces struck 152 areas targeting Ukrainian energy and transportation infrastructure, military equipment depots, and temporary deployment sites of Ukrainian armed forces and foreign mercenaries, shooting down 366 Ukrainian drones. 2. Ukraine – Over the past day, 184 battles occurred in the frontline areas. Ukrainian forces repelled dozens of Russian offensives in multiple directions, including Sloborzansk, Kupyansk, and Pokrovsk, destroying Russian tanks, armored vehicles, artillery systems, and other equipment; Ukrainian forces shot down or suppressed 585 attack drones of various types. Other Developments: 1. Zelenskyy spoke with the US, and both sides agreed on the next steps and methods of dialogue. 2. French President Macron will travel to London to assess the situation in Ukraine with the leaders of Britain, Germany, and Ukraine. 3. Ukrainian President Zelenskyy: Speaks with NATO Secretary General Rutte. 4. Turkish Foreign Minister: We are “on the right track” in our mediation efforts in Ukraine and hope that all parties will not leave the negotiating table. 5. The International Atomic Energy Agency (IAEA) has assessed that a protective enclosure used to contain the reactor at the Chernobyl nuclear power plant was damaged, and repairs have been initiated. Market news: Anthropic is in talks to acquire a developer tools startup.Johny Srouji, Apples (AAPL.O) senior vice president of hardware technology, recently told CEO Tim Cook that he is considering leaving the company in the near future.Musk: Many media reports claim that SpaceX is raising funds at a valuation of $800 billion, which is inaccurate.On December 7th, French President Emmanuel Macron announced on December 6th that he would travel to London on the 8th to meet with Ukrainian President Volodymyr Zelensky, British Prime Minister Keir Starmer, and German Chancellor Andrea Merz to jointly assess the current situation in Ukraine and the peace negotiations being conducted under US mediation. Macron stated that the situation in Ukraine is related to the security of the whole of Europe, and Europe will continue to work with the United States to provide security guarantees for Ukraine.

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.


Suggestion