EUR/USD 1.15556
-0.047%
Gold 4342.56
-0.030%
Oil 78.068
2.357%
USD/JPY 157.862
0.194%
GBP/USD 1.34901
-0.053%
GBP/JPY 212.965
0.142%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 10th, SpaceX (SPCX.O) announced a partnership with Tesla (TSLA.O), with an initial investment of $16.8 billion, to build the Terafab chip facility in Texas. A blogger posted that, based on Terafabs announcement, Musk seems to be adopting the "Free Electron Laser" (FEL) technology route to challenge ASMLs (ASML.O) LPP EUV light source and disrupt the monopoly of traditional EUV wafer manufacturing technology. Musks subsequent response seems to confirm this, as he posted "FEL FTW" (FEL For The Win). The slender design of Terafabs factory and Musks reply suggest that Terafab is likely to adopt FEL technology. Although Musks pursuit of FEL is currently just speculation, it has sparked heated discussion within the industry. FEL boasts advantages such as high power, high coherence, tunable wavelength, and higher energy efficiency, theoretically potentially pushing lithography light sources from 13.5nm to 6nm or even shorter wavelengths. However, the massive size of the accelerator system, its cost, and the stability of mass production remain the biggest challenges to industrialization.Iranian Parliament Speaker Ghalibaf: The world today has realized that Iran is not to be trifled with.Iranian Parliament Speaker Qalibaf: The Islamic system is at one of the most critical moments in its history, playing an irreplaceable role in regional and global security and stability.A Yemeni military source said that Yemeni citizens should stay away from areas where Saudi military personnel are concentrated.According to the Iranian news agency IRNA, the deputy head of the Iranian presidential office responsible for press and communications announced that Irans Supreme Leader Mojtaba has appointed Mohsen Rezaei as his representative in the National Security Council.

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