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According to US financial media Semafor, Florida Republican Congressman Brian Master is also one of the candidates to succeed Driscoll as Secretary of the Army.September 3 – Japanese companies are considering selling strategic holdings and other assets to offset the impact of the highest financing costs in a generation. A survey of 30 Japanese non-financial companies shows that they are also considering measures such as increasing overseas borrowing and raising funds in advance. Rising financing costs have begun to affect corporate investment decisions. Companies such as Toyota Motor and Tohoku Electric Power expect their annual interest expenses to increase by more than 30% if they refinance yen-denominated bonds.On September 3, according to Axios, US Presidential Envoy Steve Vitkov met with UAE National Security Advisor Al Nahyan in Sardinia over the weekend to discuss the next steps in the Iran situation. Two sources familiar with the matter said the meeting, which was not announced by the White House, occurred amid the Trump administrations push to reopen the Strait of Hormuz and increase economic pressure on Iran. This comes after the UAE decided to suspend trade, business, and financial transactions with Iran. Bilateral trade between the two countries is projected to reach $28 billion by 2024, and the UAE, particularly Dubai, has historically been a crucial trade and transshipment hub for Iran. Sources said an Iranian delegation visited Abu Dhabi on August 11, hoping to ease tensions and improve bilateral relations, requesting UAE assistance in obtaining food and medicine and requesting non-compliance with US sanctions, but this was refused. Subsequently, the Iranian Revolutionary Guard intensified attacks on UAE National Oil Company tankers attempting to pass through the Strait of Hormuz, prompting the UAE to suspend related business activities. The US government is currently establishing an interagency task force to coordinate the implementation of economic pressure on Iran.September 3 – According to the Wall Street Journal, new details of the civilian nuclear program agreement reached between the Trump administration and Saudi Arabia are drawing criticism, with some arguing that the landmark agreement falls short in preventing nuclear proliferation risks. Last week, the text of the agreement, along with a series of related documents, was submitted to US lawmakers. The documents outline a roadmap showing that, following further consultations, Saudi Arabia may enrich uranium on its territory to a level potentially approaching 20%. This enrichment level might be sufficient for small, modular civilian reactors, but it would also increase the risk of nuclear materials being diverted for military use. Scott Rock, a former US Department of Energy official and vice president of the nonprofit security organization Nuclear Threat Initiative, stated, “From a civilian perspective, this certainly makes sense. However, once that enrichment level is reached, it means that a large part of the work needed to produce weapons-grade materials has already been done.”According to Axios: Sources familiar with the matter revealed that U.S. Middle East envoy Witkov met with the UAEs national security advisor over the weekend to discuss next steps regarding Iran.

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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