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A senior Ukrainian official said that Russian ballistic missiles struck the Ukrainian capital, Kyiv.Conflict Situation: 1. Trump threatens to strike Irans "Ghoshka" underground nuclear facility. 2. The US military announces its third consecutive night of strikes against Iran. 3. The US military uses unmanned surface vessels for the first time in its strikes against Iran. 4. Satellite images show a precision strike on the US Al Udeid Air Base in Qatar. 5. Iranian Revolutionary Guard: Attacks a US military base in Kuwait. 6. Jordan claims to have intercepted and shot down four missiles that entered its airspace from the direction of Iran. 7. Iranian Revolutionary Guard: Strikes a US military facility in Bahrain and destroys a radar system in Oman. 8. US Central Command: The US military did not launch a strike on Irans Kharg Island. 9. 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The Iranian military stated that its defensive strikes against enemies who violate their commitments will be adjusted according to the severity of the enemys aggression and will continue to be carried out forcefully.The U.S. Commodity Futures Trading Commission (CFTC) has approved the final rule to amend margin requirements for unsettled swaps.July 14 - On July 13 local time, South Carolina Governor Henry McMaster announced that Darlene Graham Nodonne, the sister of the late Republican Senator Lindsey Graham, will complete the remainder of Grahams term.

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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