EUR/USD 1.14044
0.308%
Gold 4101.04
1.169%
Oil 83.027
-6.231%
USD/JPY 163.396
-0.276%
GBP/USD 1.33448
0.180%
GBP/JPY 218.054
-0.096%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 27th - The "Special Action" focuses on the evaluation and certification of high-tech enterprises, promoting data sharing, optimizing service systems, and strengthening information verification to effectively improve the efficiency of the evaluation and certification process. The Ministry of Industry and Information Technology has established a "one-stop" coordination mechanism for policy support for innovation-based technology enterprises to address bottlenecks and difficulties. High-tech enterprise certification management agencies at all levels are fulfilling their leading responsibilities, with relevant departments such as industry and information technology, science and technology, finance, emergency management, taxation, market supervision, and intellectual property working together to form a collaborative effort.July 27th Futures News: On July 27th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 330,382 tons, an increase of 7,894 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 2,758 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,600 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 11,960 tons. 1. The total amount of crude oil futures warehouse receipts was 11,050 tons, unchanged from the previous trading day; 2. The total amount of crude oil futures factory warehouse receipts was 18,210 tons, unchanged from the previous trading day; 3. The total amount of medium-sulfur crude oil futures warehouse receipts was 2,961,000 barrels, unchanged from the previous trading day; 4. The total amount of low-sulfur fuel oil futures warehouse receipts was 0 tons, unchanged from the previous trading day; 5. The total amount of low-sulfur fuel oil futures factory warehouse receipts was 0 tons, unchanged from the previous trading day.As oil prices continued to fall, the Indian rupee rose above 96 rupees to the US dollar in the interbank order matching system.Air France-KLM Group shares rose 4.3%.Morgan Stanley lowered its target price for American Express (AXP.N) to $382 from $385.

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