EUR/USD 1.16507
0.390%
Gold 4566.79
1.299%
Oil 90.568
-4.932%
USD/JPY 158.882
-0.176%
GBP/USD 1.35045
0.484%
GBP/JPY 214.564
0.314%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 25th, Japanese media reported that the oil tanker "Idemitsu Maru," operated by a Japanese company, arrived at a port in Aichi Prefecture, central Japan. This is the first Japanese oil tanker to leave the Strait of Hormuz and return to its home port since the outbreak of hostilities with Iran. According to Kyodo News, citing sources, the "Idemitsu Maru" carried 2 million barrels of crude oil, equivalent to approximately 80% of Japans daily crude oil consumption. All crew members, including three Japanese nationals, are in good health. The crude oil will next be transported via undersea pipeline to a refinery in Aichi Prefecture.As geopolitical tensions between the US and Iran ease, international oil prices continue to decline. A quick overview of the pre-market conversion prices of crude oil between domestic and international markets is provided in this chart.Spot gold and silver are trending upwards; a chart provides a quick overview of the pre-market conversion prices of gold and silver between domestic and international markets.On May 25, President Xi Jinping held talks with Serbian President Aleksandar Vučić at the Great Hall of the People in Beijing. Xi Jinping emphasized that the ironclad friendship between China and Serbia is unique, with a profound historical logic and a solid foundation in reality. Both sides should continue to firmly support each other. China supports Serbia in adhering to a development path suited to its own national conditions and is willing to strengthen exchanges of experience in governance with Serbia. Chinas 15th Five-Year Plan comprehensively outlines high-quality development goals; both sides should strengthen the alignment of development strategies, implement the medium-term action plan for jointly building the Belt and Road Initiative, and continuously promote cooperation in areas such as transportation and energy infrastructure. Facing the new wave of technological revolution and industrial transformation, both sides should increase cooperation in emerging fields such as artificial intelligence, the digital economy, green energy, and advanced manufacturing to explore new growth points.On May 25, Iranian media reported that an Iranian delegation led by Parliament Speaker Mohammad Ghalibaf arrived in Doha, the capital of Qatar. The delegation will hold consultations with senior Qatari officials on issues related to ending the conflict.

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