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According to Hong Kong Stock Exchange filings, HSBC Holdings (00005.HK) spent HK$19.9 million to repurchase 1.3 million shares on August 14.Iranian Foreign Ministry spokesman Baghae: Fundamentally, the problem between us and the United States is not about mediation; the problem lies in the American way of thinking, its misjudgments, and its clinging to methods and means that have been proven to fail countless times, while the US administration continues to repeat the same mistakes. The result will inevitably be no different from the past.Iranian Foreign Ministry spokesman Bagaei: Admitting mistakes can be a prerequisite for making the right decisions, but I doubt whether US policymakers have that courage.On August 17, Wang Guanhua, spokesperson for the National Bureau of Statistics and deputy director of the Department of Comprehensive Statistics of the National Economy, stated at a press conference held by the State Council Information Office that the effects of comprehensively addressing involutionary competition continue to emerge. With the continued effectiveness of capacity control in key industries and the comprehensive rectification of involutionary competition, the supply and demand relationship in some industries has improved. In July, the prices of lithium-ion battery manufacturing and photovoltaic equipment and component manufacturing rose by 8.9% and 2.8% year-on-year, respectively. In the next stage, relevant departments will further expand domestic demand, optimize supply, focus on cultivating and strengthening new growth drivers, comprehensively address involutionary competition, create a fair competitive market environment, continue to ensure supply and stabilize prices, and promote the stable operation of industrial product prices.On August 17, according to the Iranian news agency IRNA, a spokesperson for the Iranian Foreign Ministry, in response to the US governments announcement of unprecedented sanctions against Iran (including a land blockade), stated: "These measures will not have any impact on Irans position. Whether in this war or over the past 50 years, the US has trapped itself in a vicious cycle of war, discrimination, pressure, and sanctions. If you recall, during the Democratic administration, the concept of so-called paralyzing sanctions was proposed, followed by the maximum pressure campaign during the Trump administrations first term. These actions demonstrate the inhumane nature of the Americans; they cut off our peoples drug supply, used every means to pressure Iran, and ultimately resorted to illegal military aggression, and are still suffering the consequences. Rest assured, these tried and ineffective old methods will not produce new results. Undoubtedly, not only now, but long ago, we prepared necessary contingency plans based on our assessment of various scenarios in which the US might continue to act maliciously against Iran in various ways. Iran will certainly use all means to deal with the new situation."

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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