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On February 9th, reports surfaced that Samsung Electronics was about to begin mass production of HBM4 memory chips used to build artificial intelligence infrastructure, sending the companys stock price up 6.4%. According to Yonhap News Agency, the South Korean tech giant plans to ship the semiconductor to Nvidia, a leader in AI accelerators, as early as the third week of February. Industry sources say these HBM chips will power the US companys upcoming Vera Rubin AI accelerator. Samsungs progress in high-bandwidth memory development indicates it is closing the gap with domestic competitors. As of last Fridays close, Samsungs stock price had risen more than 30% this year, as rising memory chip prices benefited all major players in the industry. Samsung may also have benefited from AI-related gains in the US stock market linked to data center construction. The four largest hyperscale companies plans to spend approximately $650 billion this year also contributed to Nvidias stock price rising nearly 8% last Friday.The Shenzhen Stock Exchange announced an adjustment to the list of securities eligible for the Hong Kong Stock Connect program, adding OmniVision Technologies and GigaDevice Semiconductor, effective February 9.On February 9th, Zijin Mining (02899.HK) announced that its board of directors approved the "Companys Three-Year (2026-2028) Major Mineral Product Production Plan and 2035 Vision Outline" on February 8th. The company plans to further improve its ranking in comprehensive indicators such as resource reserves, major mineral product production, sales revenue, asset size, and profit by 2028, with its copper and gold mineral product production entering the top three globally.Zijin Mining (02899.HK) released its production targets for major mineral products in 2026 and 2028, with gold production expected to reach 105 tons in 2026.February 9th - A survey closely watched by the Bank of Englands Monetary Policy Committee shows that while employers continued to reduce hiring for long-term positions in January, the pace of reduction slowed to its lowest level in 18 months. The survey, conducted by the Recruiting and Employment Confederation (REC), also showed that businesses increased the number of temporary workers deployed for the first time since October last year. Neil Carberry, CEO of REC, said: "As we head into 2026, there are increasing signs that uncertainty about hiring plans is translating into action. This doesnt mean a full-blown hiring rebound, but the wait-and-see period seems to be coming to an end." This REC report further supports the view that the UK economy is poised for a turnaround in 2026. A recent S&P survey showed that business expansion in January hit a 17-month high; a report from the Institute of Directors also indicated that executives are more optimistic about the outlook for sales, hiring, and investment.

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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