EUR/USD 1.17191
-0.098%
Gold 4610.73
-0.238%
Oil 99.257
-3.172%
USD/JPY 157.057
0.284%
GBP/USD 1.35728
-0.221%
GBP/JPY 213.173
0.072%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Iraqs Deputy Oil Minister stated that two oil tankers are ready, with two more to be deployed depending on the situation in the Strait of Hormuz. Following the resolution of the Hormuz crisis, Iraq could restore its oil production and exports to normal levels within seven days.Iraqs Deputy Minister of Oil: Exports through Ceyhan amount to 200,000 barrels per day.Iraqs Deputy Minister of Oil: Oil production is 1.5 million barrels per day.May 2nd - According to foreign media reports, a representative stated that major OPEC+ countries have reached a preliminary agreement on a small but symbolic increase in supply targets for June, marking the organizations first action since the unexpected withdrawal of the UAE. The representative said that seven countries, led by Saudi Arabia and Russia, will collectively increase production by 188,000 barrels per day next month, with the agreement to be finalized at a video conference on Sunday. Three representatives had already indicated last week that this was their expectation. Like the planned production increases this month, this increase remains largely symbolic, as OPEC cannot actually implement the increases unless the Strait of Hormuz reopens and Persian Gulf exports resume.On May 2nd, Berkshire Hathaway announced a prudent and pragmatic strategy for advancing AI applications. The company explicitly stated that it will not blindly pursue general-purpose AI, but will focus on precisely applying narrow-sense AI to real-world business scenarios. To this end, Berkshire has established three application principles: First, it will bring in high-end technical talent and engineering teams to drive deployment, with senior executives and experienced teams participating in system architecture and implementation; second, it will strictly adhere to security governance bottom lines, strengthen data integration and risk control, and continuously verify the consistency between AI output results and business objectives; third, it will insist that core decision-making power must be controlled by humans, with AI serving only as an auxiliary tool, and all key management, risk control, and business decisions being entirely the responsibility of humans. Simultaneously, the company also emphasizes employee skills retraining to adapt to job transformations in the AI era and strictly controls the operational and compliance risks accompanying the application of technology, ensuring that AI complements rather than replaces its core business.

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