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On May 11, CGN Power (01816.HK) announced on the Hong Kong Stock Exchange that its subsidiary, CGN Huizhou No. 2 Nuclear Power Co., Ltd., conducted the first concrete pouring (FCD) of the main reactor building for Unit 4 on May 10, 2026. This signifies that Unit 4 has commenced full-scale construction and entered the civil engineering phase. The installed capacity of Unit 4 is 1209MW.On May 11th, the Guangzhou Municipal Market Supervision Bureau launched a comprehensive campaign to regulate the online ride-hailing and online freight platforms and the transportation sector, leveraging its market supervision functions. The campaign aims to further standardize the operations of these platforms, effectively protect the legitimate rights and interests of operators and consumers within these platforms, and maintain a fair and competitive market order. The targets of the campaign are online ride-hailing platforms, online freight platforms, and other e-commerce platform operators as defined in Article 9 of the "E-commerce Law of the Peoples Republic of China." The campaign will strengthen the supervision of platform transaction behavior through methods such as random inspections, investigation of complaints and reports, and big data monitoring. The focus will be on investigating and punishing illegal activities such as platforms using service agreements, transaction rules, and technical means to impose unreasonable transaction restrictions and charge unreasonable fees. The campaign will also promote the dissemination of laws, regulations, and compliance guidelines on internet platform pricing behavior and online transaction supervision to comprehensively improve operators compliance awareness and operational capabilities. The campaign will focus on key areas such as road transport, taxi services, motor vehicle repair, and driver training, and will severely crack down on unlicensed operations, unfair competition, price violations, false advertising, and other behaviors that infringe upon consumers legitimate rights and interests.Market news: A U.S. trade delegation will soon arrive in India for trade negotiations.Shares of U.S.-listed gold mining companies fell in pre-market trading, with Newmont down 1.9%, Sibani Gold down 1.8%, and Harmony Gold down 2.4%.On May 11th, the Shanghai Futures Exchange (SHFE) reported the following warehouse receipts and changes: 1. Stainless steel futures warehouse receipts: 64,098 tons, an increase of 5,516 tons compared to the previous trading day; 2. Aluminum futures warehouse receipts: 461,525 tons, an increase of 549 tons compared to the previous trading day; 3. Low-sulfur fuel oil futures warehouse receipts: 19,050 tons, a decrease of 8,520 tons compared to the previous trading day; 4. International copper futures warehouse receipts: 12,338 tons, an increase of 523 tons compared to the previous trading day; 5. Nickel futures warehouse receipts: 70,381 tons, a decrease of 7 tons compared to the previous trading day; 6. Rebar futures warehouse receipts: 94,161 tons, an increase of 2,135 tons compared to the previous trading day; 7. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged compared to the previous trading day; 8. Copper futures warehouse receipts: 88,077 tons, a decrease of 1,851 tons compared to the previous trading day; 9. Butadiene rubber futures warehouse receipts: 31,480 tons, an increase of 31,480 tons from the previous trading day; 10. Fuel oil futures warehouse receipts: 58,530 tons, a decrease of 5,500 tons from the previous trading day; 11. TSR20 rubber futures warehouse receipts: 36,187 tons, a decrease of 202 tons from the previous trading day; 12. Silver futures warehouse receipts: 845,431 kg, an increase of 33,018 kg from the previous trading day; 13. Alumina futures warehouse receipts: 505,850 tons, an increase of 505,850 tons from the previous trading day; 14. Hot-rolled coil futures warehouse receipts: 623,108 tons, a decrease of 2,652 tons from the previous trading day; 15. Pulp warehouse futures warehouse receipts: 199,456 tons, an increase of 478 tons from the previous trading day; 16. Pulp mill warehouse futures warehouse receipts: 15,000 tons, unchanged from the previous trading day; 17. Natural rubber futures warehouse receipts totaled 137,030 tons, an increase of 3,000 tons from the previous trading day; zinc futures warehouse receipts totaled 101,437 tons, an increase of 557 tons from the previous trading day; petroleum asphalt plant warehouse futures warehouse receipts totaled 21,790 tons, unchanged from the previous trading day; petroleum asphalt warehouse futures warehouse receipts totaled 24,200 tons, a decrease of 1,800 tons from the previous trading day; tin futures warehouse receipts totaled 8,975 tons, a decrease of 137 tons from the previous trading day; lead futures warehouse receipts totaled 57,524 tons, an increase of 1,995 tons from the previous trading day; and gold futures warehouse receipts totaled 109,653 kilograms, unchanged from the previous trading day.

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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