EUR/USD 1.17773
0.045%
Gold 5183.72
0.789%
Oil 66.020
-0.008%
USD/JPY 155.776
-0.078%
GBP/USD 1.35011
0.095%
GBP/JPY 210.319
0.028%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On February 25th, according to Qichacha APP, Shanghai Pony.ai Technology Co., Ltd. was recently established with a registered capital of US$100 million. Its business scope includes integrated circuit manufacturing; integrated circuit chip and product manufacturing; artificial intelligence hardware sales; and retail of computer software, hardware, and auxiliary equipment. Qichachas equity penetration analysis shows that the company is wholly owned by Hong Kong Pony.ai Limited.A chart summarizing the overnight price movements of international spot platinum and palladium.On February 25th, HP (HPQ.N) stated that its full-year earnings may reach the lower end of its previously forecast range due to tariffs and rising memory chip prices. The stock fell approximately 7% in after-hours trading after closing at $18.20 in New York. Over the past 12 months, the stock has fallen by 48%. HP and other device manufacturers are facing the dual challenges of rising memory chip prices and supply shortages as consumers buy new computers to replace outdated devices and acquire new AI capabilities. The company stated that the memory issue will persist throughout the fiscal year and may extend into the next. HP said it is raising product prices, working to bring in more suppliers, and adjusting some products to reduce memory demand. The company said today that it has made progress in these areas, including completing the certification of new suppliers. HP announced the launch of a multi-year cost-cutting plan aimed at saving the company $1 billion annually by 2028.Japans corporate services price index rose 2.6% year-on-year in January, up from 2.60% in the previous month.Japans corporate services price index fell 0.5% month-on-month in January, compared with 0% in the previous month.

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