EUR/USD 1.17773
0.466%
Gold 4744.69
1.230%
Oil 91.400
-3.463%
USD/JPY 156.528
-0.256%
GBP/USD 1.36225
0.532%
GBP/JPY 213.235
0.287%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to Hong Kong Stock Exchange documents, Benfu Nature Outdoor Sports Group Co., Ltd. (formerly known as Pelliot Outdoor Sports Group Co., Ltd.) has submitted a listing application to the Hong Kong Stock Exchange.Apple shares rose 2% to $293.20 a share, a new record high, bringing its total market capitalization to $4.31 trillion.Porsche will close three non-vehicle manufacturing divisions on May 8th, with CEO Michael Leiters pushing for layoffs for the first time in response to declining sales and cost pressures from adjusting its electric vehicle strategy. Porsche announced on Friday that it plans to close its Cellforce battery business, electric bicycle business, and Ceitec software subsidiary, a decision that will affect more than 500 employees in Germany and Croatia. In April, Porsche agreed to sell its stake in its joint venture with the Bugatti supercar brand, and management has hinted at further asset divestitures in the future. Leiters acknowledged in March that in addition to the approximately 3,900 jobs planned for reduction by the end of the decade, the company intends to further reduce its workforce. Porsche currently employs approximately 40,000 people. The company expects its capital expenditures to peak this year, subsequently declining gradually as R&D spending decreases.On May 8th, Sam Stovall, Chief Investment Strategist at CFRA Research, stated, "I think this jobs report is positive because it confirms the labor market remains solid, which gives consumers some confidence and allows them to maintain resilient spending patterns. At the same time, the 4.3% unemployment rate will not force the Federal Reserve to reconsider its statement that it is not ready to tighten interest rates. Therefore, this is good data confirming that the overall economy and consumers remain healthy. The longer high oil prices persist, the greater the risk of damaging consumer confidence and spending. Currently, it doesnt seem to have a negative impact on economic growth or consumer confidence, but the longer this situation continues, the greater the risk."Ukrainian President Zelensky: Tomorrows actions depend on further developments today.

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