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On July 28th, Ebury analyst Matthew Ryan stated that the UKs public finances are under pressure, leaving the government with little room for further policy easing. Ryan pointed out that the UK government debt is approximately 100% of GDP, and the UK also has one of the highest borrowing costs among developed economies. Against this backdrop, any indication that the new Chancellor of the Exchequer plans to relax fiscal rules, even with minor adjustments, could undermine market confidence in UK fiscal discipline and trigger a new round of sell-offs in UK assets. Analysts believe that the UK government needs to strike a balance between stimulating economic growth and maintaining fiscal credibility, and the uncertainty surrounding fiscal policy is likely to continue to affect the performance of the pound and the UK government bond market.Japans nuclear regulatory agency stated that after inspection, no abnormalities were found at the Ikata, Genkai, and Sendai nuclear power plants following the earthquake.The China Earthquake Networks Center officially measured a 6.8-magnitude earthquake at 15:27 on July 28 in Kyushu, Japan (32.65°N, 130.75°E), with a focal depth of 10 kilometers.Iranian government spokesman: The rise in commodity prices is due to the USs maritime plundering during the war.July 28th - According to preliminary measurements by the Tsunami Warning Center of the Ministry of Natural Resources, a magnitude 6.8 earthquake occurred in the sea area off Kyushu Island, Japan (32.68°N, 130.80°E) at 15:27 (Beijing time) on July 28, 2026, with a focal depth of 15 kilometers. The exact earthquake information is subject to measurement by the China Earthquake Networks Center. Based on preliminary earthquake parameters, the Tsunami Warning Center of the Ministry of Natural Resources judges that the earthquake may trigger a local tsunami around the epicenter, but will not have a disastrous impact on my countrys coast.

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

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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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