EUR/USD 1.15709
-0.060%
Gold 4210.65
-0.003%
Oil 82.881
-2.644%
USD/JPY 160.200
0.149%
GBP/USD 1.34105
-0.037%
GBP/JPY 214.841
0.121%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On June 14, local time, the Security Service of Ukraine (SBU) announced that its Alpha Special Operations Center, acting on orders from Ukrainian President Volodymyr Zelensky, used drones to strike a state oil reserve depot in Rybinsk, Yaroslavl Oblast, Russia. The Ukrainian side stated that the oil depot, located over 700 kilometers from the Ukrainian border, belongs to Russias state reserve system and stores various types of fuel and lubricants, serving as a fuel supply provider for northeastern Russia and a strategic fuel reserve for the military. After the drone struck, the oil depot caught fire, with at least three large fire points appearing within its more than 60 tank areas. The SBU also stated that oil supply, refining, and fuel logistics infrastructure within Russia are legitimate targets for Ukrainian strikes, as these facilities provide operational resources for the Russian military and support Russian military operations against Ukraine. Russia has not yet responded to this.Ukrainian President Zelensky: Russia launches hundreds of attacks daily on Ukrainian cities and communities, targeting our civilian infrastructure. In the past week alone, Russia has launched 1,920 attack drones, 1,790 guided air-to-ground bombs, and 17 missiles of various types.The State Flood Control and Drought Relief Headquarters maintains a Level IV emergency response for flood control in Zhejiang, Fujian, Jiangxi and other areas.Ukrainian President Zelensky: Air traffic restrictions have been imposed at six Russian airports, and 28 regions in Russia have been under air raid alert since last night.Ukrainian President Zelensky: The Ukrainian army has achieved its objectives in the Tula region of Russia—particularly the Azot plant, whose operation is crucial to explosives production capacity.

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