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On February 21, JPMorgan Chase filed a request with the court to move its lawsuit against President Trump over the closure of his accounts from Miami to a federal court in New York. The company stated in its filing that Trump and several of the companies involved in the lawsuit gave written consent at the time the accounts were opened that any disputes would be litigated in New York, where the bank is headquartered. JPMorgan Chase also stated that moving the case is in the public interest due to the overwhelming connection between the dispute and New York. According to the banks filing, the accounts in question were opened in New York, the bankers managing these accounts are based in New York, and the alleged activities that triggered Trumps lawsuit also took place in New York. Trump sued the bank and its CEO Jamie Dimon in January of this year, seeking at least $5 billion in damages, accusing the bank of "debanking" him and his companies after his supporters stormed the U.S. Capitol on January 6, 2021.February 21st - According to forecasts, the Qiongzhou Strait will see a peak in return travel from today until the seventh day of the Lunar New Year (February 20th-23rd). For water transport, maximum capacity will be utilized, with increased ship frequency and timely release of additional vehicle and passenger tickets in different time slots. Railway ferry tickets and tickets for off-peak periods are relatively plentiful. Civil aviation is also actively working to increase capacity to ensure smooth travel to and from the islands. Meanwhile, to minimize queues and waiting times, passengers are advised to adjust their travel plans accordingly and travel during off-peak hours.February 21st - According to the China State Railway Group, the national railway system is expected to transport 16.8 million passengers today (February 21st), with 2,052 additional passenger trains planned. Yesterday (February 20th), the national railway system transported 15.372 million passengers.On February 21, a netizen posted that "SpaceX is expected to have more than 10,000 Starlink satellites in orbit as early as next month." Musk responded that "Starship will launch more than 10,000 satellites every year."On February 21, the Supreme Peoples Court, the Supreme Peoples Procuratorate, and the Ministry of Public Security jointly issued the "Guiding Opinions on Punishing Property Crimes in the Water Transport and Logistics Sector According to Law." The opinions comprehensively address the application of law and policy considerations in this area, safeguarding the vital interests of the people. Adhering to a problem-oriented approach and focusing on the characteristics of property crimes in the water transport and logistics sector, the opinions stipulate provisions for typical issues encountered in practice, including the application of charges, jurisdictional rules, evidence collection, determination of amounts involved, and handling of seized assets, providing clear guidance for law enforcement. Furthermore, the opinions emphasize systematic governance and a combination of punishment and prevention, outlining requirements for promoting industry governance and strengthening legal education during law enforcement. They stress the importance of establishing sound long-term mechanisms to create a favorable legal and social environment for the high-quality development of water transport and logistics.

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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