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Market news: Lebanese authorities say Wednesdays Israeli attack killed 182 people and injured 890.Futures News, April 9th: Styrene prices rose initially this week before falling. As of April 8th, the average closing price in Jiangsu market was 10,250 yuan/ton, a decrease of 150 yuan/ton from April 1st, representing a 1.44% increase. Price fluctuations this week were primarily driven by costs. 1. Costs: Crude oil prices remained high, continuing their upward trend. On April 8th, European and American crude oil futures experienced their largest single-day drop in six years, with Brent crude down 6.34% from April 1st. Benzene prices also fluctuated with oil prices. Simultaneously, influenced by raw material supply, the market anticipated a tighter benzene supply in April, providing some support for prices. As of the close of trading on April 8th, the average price in East China market was down 1.47% from last Wednesday. 2. Supply and Demand: Although some plants restarted, contributing to increased production, many plants in South China reduced their operating rates, resulting in an overall decrease of 1.22% in styrene production this week. Downstream EPS production is expected to decline, PS production to increase slightly, and ABS production to fluctuate narrowly. Consumption may decrease slightly, with domestic demand entering a relatively stable low-level state. Port inventories at major ports increased rather than decreased during the week, somewhat dampening market sentiment. 3. Forecast: In the crude oil market, market sentiment is volatile, and oil prices may continue to rise in the short term. Regarding styrene fundamentals, although 0.3 million tons of export shipments are expected at major ports next week, increased arrivals by road and sea transport may hinder inventory reduction, potentially suppressing market gains.The subscription multiple for the Japanese five-year government bond auction was 3.58, compared to 3.69 in the previous auction.Musk: Teslas V15 Autopilot is far safer than humans in completely unsupervised and complex situations.April 9th - According to CNN, the latest satellite images provided by the European Space Agency show thick black smoke rising from the Abqaiq processing facility in Saudi Arabias Atatürk. This comes after reports that Iran launched an attack on Wednesday. According to Saudi Aramco, the Abqaiq plant is the worlds largest crude oil stabilization unit, supplying approximately 5% of the worlds oil. The facility processes sour crude oil into sweet crude, which is then transported to Saudi Arabias east and west coasts via the "East-West Pipeline." Due to severe trade disruptions caused by the war with Iran, this pipeline is one of only two routes in the region that bypass the Strait of Hormuz.

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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