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Futures Market Summary | Wednesday, September 9th, CCTV News Highlights: 1. On the occasion of the 42nd Teachers Day, Xi Jinping extended festive greetings and sincere regards to teachers and education workers across the country. 2. CCTV Quick Commentary: Creating a positive atmosphere of respecting teachers and valuing education throughout society gathers powerful synergy for building a strong education nation. 3. Xi Jinping sent a congratulatory message to the Supreme Leader of North Korea on the 78th anniversary of the founding of the DPRK. 4. Xi Jinping spoke with the British Prime Minister by telephone. 5. Ding Xuexiang attended the 2026 Global Trade in Services Summit and met with foreign dignitaries. 6. Jiangxi: From the starting point of the Long March to a new highland of development. 7. Developing socialist democracy凝聚中国式现代化合力 (凝聚中国式现代化合力 - gathers synergy for Chinese-style modernization). 8. my countrys CPI rose 0.8% year-on-year in August. 9. my country continues to increase its efforts in ensuring peoples livelihood and continuously improves peoples well-being. 10. Sun Shaocheng, former deputy director of the Social Construction Committee of the 14th National Peoples Congress, was expelled from the Party and dismissed from public office for serious violations of discipline and law. 11. my country released its eighth batch of new occupations, including 11 new occupations and 23 new job categories. 12. Mr. Tung Chee-hwa passed away. 13. Railway transportation plans for the Mid-Autumn Festival and National Day holidays were announced. 14. The All-China Federation of Industry and Commerce released a report on the innovation status of private enterprises. 15. 47 key activities will be held nationwide this year for the Harvest Festival. 16. my countrys first 100-meter deep in-situ oil and gas expansion platform was put into use. 17. The China Coast Guard completed its 2026 North Pacific high seas fisheries enforcement patrol. 18. The "Tiangong Classroom: Hong Kong and Macao Special Session" space lecture was held today. 19. The 19th "Chinese Bridge" World Secondary School Chinese Competition Global Finals were launched. 20. Britain, France, and Canada announced sanctions against Israel and condemned Israel for undermining the "two-state solution." 21. Iran claimed to have struck US warships and bases; the US claimed to have destroyed Iranian oil tankers. 22. The Russian and US leaders spoke by phone, focusing on resolving the Ukraine issue. 23. The US announced new trade measures against Canada. 24. The 81st UN General Assembly focused on rebuilding trust and governance reform. 25. Russia stated it would respond strongly to Hungarys expulsion of Russian diplomats.A German government spokesperson stated that the Ukraine negotiations are a positive sign, and Germany welcomes them.On September 9th, local time, Russian Presidential Press Secretary Dmitry Peskov told the media that there is currently no established roadmap for mediating the Russia-Ukraine conflict, only the political will to resume negotiations. Russia hopes that the trilateral negotiations between Russia, the US, and Ukraine can resume within a foreseeable timeframe. Peskov stated at a press conference on September 8th that Russia hopes to resume trilateral negotiations on the Ukraine issue. Peskov said that Russian troops are advancing along the line of contact, but are always willing to move towards peace, depending on Kyivs choices. He claimed that Kyiv lacks flexibility on conflict mediation and is not genuinely interested in a ceasefire, as Ukraine still relies on some European countries that want to strategically defeat Russia. Peskov also revealed that sanctions have been included in the conflict mediation negotiation agenda, but are not the primary issue; resolving the conflict itself is the top priority.British Prime Minister Burnham: The measures taken against Israel have been considered with the utmost care and comprehensiveness. The two-state solution faces the risk of fading away.On September 9th, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, met with Andre Demarai, Honorary Chairman of the Canada-China Business Council, at the Great Hall of the People. He Lifeng stated that during President Xi Jinpings meeting with Prime Minister Carney in January, both sides agreed to promote the building of a new type of strategic partnership between China and Canada, providing new strategic guidance for the development of bilateral relations. He welcomed Canadian businesses to share in the opportunities presented by Chinas high-quality development and hoped that the Canada-China Business Council would play a bridging role and make greater contributions to the development of China-Canada economic and trade relations. Demarai stated that the processing industry is full of confidence in Chinas economic prospects, and the Canada-China Business Council is willing to continue to contribute to the healthy and stable development of Canada-China economic and trade relations.

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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