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On August 22, local time, US President Trump stated at Joint Base Andrews, Maryland, on August 21 that he believed Iran was not yet ready to reach a "suitable agreement," and that Washington was observing "developments" in the conflict. "We have complete control over the entire region around the Strait of Hormuz, including its interior and land areas. So they really want a deal, but in my opinion, theyre not ready to reach a suitable deal," Trump added. When asked if the US had limited military options against Iran, Trump stated, "That just means were watching how things develop." Trump claimed that a shift towards "economic warfare" against Iran did not mean that US military options were limited.August 22nd - According to CNBC, Anthropic is expected to list negative public sentiment regarding artificial intelligence and data centers as a risk factor in its IPO prospectus, to be released in the coming weeks. Sources familiar with the matter revealed that Anthropic recently held pre-IPO "market scouting" meetings with bankers and investors, who focused on competitive pressures, the impact of its open-source model on profit margins, and the potential risks posed by a slowdown in data center construction. Anthropic, currently valued at nearly $1 trillion in the private market, is preparing for a major IPO. However, with rising public concerns in the US about AI replacing jobs and data center expansion, this backlash is becoming a new challenge for the companys listing. The company has previously achieved an annualized revenue run rate exceeding $65 billion.August 22 – According to sources cited by the Canadian Broadcasting Corporation (CBC), despite the final stages of US-Canada trade negotiations, US Commerce Secretary Rutnick is dissatisfied with the current draft agreement and is pushing for revisions. Sources say Rutnick opposes reducing Canadian auto tariffs from 25% to 15%, arguing that this could undermine the USs goal of boosting domestic manufacturing. His stance differs from the optimistic signals previously released by Trump and Canadian Prime Minister Carney. Currently, both sides are striving to reach a final agreement before the new tariffs take effect. The draft agreement reportedly includes reducing tariffs on Canadian steel and aluminum, adjusting dairy quotas, and Canada removing some restrictions on US alcoholic beverages. Canadian Trade Minister LeBlanc stated that the two sides are "very close" to reaching an agreement.Market news: Anthropic listed the public backlash against the AI industry as a risk factor in its IPO filing.Sources say U.S. Commerce Secretary Lutnick believes the U.S. can still negotiate a more favorable deal and opposes lowering Section 232 tariffs.

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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