EUR/USD 1.14753
0.159%
Gold 4155.53
-1.272%
Oil 76.425
1.330%
USD/JPY 161.286
-0.058%
GBP/USD 1.32328
0.217%
GBP/JPY 213.428
0.168%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
June 20th - Market analysts predict gold will remain volatile next week as investors await the release of the US core personal consumption expenditures (core PCE) price index for clues about the Federal Reserves interest rate path. Stephen Innes, managing partner at SPI Asset Management, stated, "With the Fed now appearing more accustomed to changing circumstances and increasingly sensitive to upcoming inflation data, every major economic data release will have an impact, but the core PCE will be a key event for both gold and interest rate markets, and next week will be highly data-dependent." Innes also noted that stronger-than-expected inflation readings could boost the dollar, push up yields, and increase the risk of gold prices testing the $4,000 per ounce level. Gold investors should prepare for increased volatility and be wary of potential further sell-offs.June 20th - According to the China Railway Shanghai Group Co., Ltd., during the recent Dragon Boat Festival holiday, the group transported 4.031 million passengers, setting a new record for single-day passenger volume during the holiday. Today, the group expects to transport 2.49 million passengers and plans to add 93 passenger trains. Since the start of the Dragon Boat Festival holiday transport on June 18th, the group has transported a total of 7.584 million passengers, averaging approximately 3.792 million passengers per day, indicating strong holiday travel demand.According to Al Arabiya satellite television, Pakistans Interior Minister will travel to Tehran to meet with Iranian officials.Conflict Status: 1. Ukraine claims Russian military attacks on civilian boats and buses resulted in 1 death and 9 injuries. 2. The Ukrainian military claims to have attacked railway bridges in Russian-controlled Crimea. 3. The Kremlin: Russian airstrikes against Ukraine will continue; Ukraines policy is not aimed at negotiations. 4. Ukrainian Deputy Prime Minister: A Russian drone strike resulted in the death of a Panamanian crew member in the Black Sea. 5. Moscow Mayor Sobyanin reports that air defense forces shot down three drones heading towards Moscow. 6. Kyiv Electric Power Company DTEK: Russian attacks over the past two days have severely damaged DTEK energy facilities in Ukraines Dnipropetrovsk region. Peace Negotiations: 1. Zelenskyy stated that Ukrainian-Russian negotiations may resume, allowing Russia to finalize specific forms. 2. The Kremlin stated that Russia is willing to engage in dialogue with Europe but will not accept ultimatums. 3. European Commission President Ursula von der Leyen: When Russia comes to the negotiating table, we need a united European message. 4. European Council President Costa: We need to support Ukraine through diplomatic means, including establishing direct communication channels with Russia. Other developments: 1. The Central Bank of Russia cut interest rates by 25 basis points, compared to market expectations of a 50 basis point cut. 2. The International Atomic Energy Agency: Repairs have begun on the main transmission lines of the Zaporizhia nuclear power plant. 3. According to sources, Russias daily gasoline production this week has decreased by a quarter compared to the average daily level in June last year.US President Trump: US Secretary of Defense Hergsay is a born fighter. He has never known what it means to admit defeat. He has an extremely tough personality and is a person who loves the military from the bottom of his heart.

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