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On January 16th, Wang Yuling, Director of the Comprehensive Division of the Beijing Municipal Development and Reform Commission, stated that according to the plan, the city will release its annual land supply plan by the end of January, striving to supply a batch of high-quality land parcels in the first quarter. Before the Spring Festival, 40% of the municipal governments fixed asset project construction funds will be allocated, and the first batch of local government special bonds will be issued by the end of February. By the end of January, a list of urban renewal reserve projects and key projects will also be compiled, promoting the integrated implementation of innovative policies such as the overall planning of building indicators, mixed and composite utilization of functions, and optimization of land renewal and housing lease terms. Wang Yuling introduced that in the first quarter, city leaders will take the lead in visiting enterprises to provide targeted assistance in coordinating and resolving difficulties and problems faced by enterprises in production and operation, enhancing their confidence in developing in Beijing. At the same time, the city will also introduce several measures to promote steady economic progress in 2026, releasing tangible and accessible support measures for enterprises, and continuing and optimizing relevant preferential policies for enterprises.On January 16th, Wang Yuling, Director of the Comprehensive Division of the Beijing Municipal Development and Reform Commission, stated that Beijings economic development benefits from numerous positive factors and favorable conditions, providing a solid foundation for a strong start to the year. It was explained that in the first quarter, Beijing will focus on six key initiatives: optimizing supply to boost consumption, promoting construction and investment, strengthening services to stimulate industry, improving mechanisms to increase growth, stabilizing expectations and boosting confidence, and addressing practical issues to improve peoples livelihoods. These initiatives aim to lay a solid foundation for achieving the annual targets and contribute more to the overall development of the nation. Regarding the "trade-in" program, a matter of great concern to citizens, this year Beijing will proactively align with the national new round of trade-in policies and measures, optimize implementation mechanisms, and continuously promote the growth of consumption of large-scale commodities such as automobiles and home appliances.KazTransOil, Kazakhstans state-owned oil transporter, reported that Kazakhstans oil exports via the BTC pipeline will decrease by 11% to 1.263 million tons in 2025.A 6.0-magnitude earthquake struck off the west coast of Oregon on the 15th, according to the U.S. Geological Survey Earthquake Information Network. The earthquake had a depth of 7.1 kilometers.Microsoft: We are investigating an issue where users in North America have reported problems using Microsoft Copilot.

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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