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According to the Las Vegas Review-Journal, an F-35 fighter jet crashed in rural Clark County, Nevada, on Tuesday, but the pilot ejected safely before the crash.A Reuters/Ipsos poll released on April 1st found that two-thirds of Americans believe the United States should end its war with Iran as soon as possible, even if it means failing to achieve the goals set by the Trump administration. In the survey, conducted from Friday to Sunday, approximately 66% of respondents expressed this view, while 27% said the U.S. should strive to achieve all its objectives in Iran, even if the conflict is protracted. 6% of respondents did not answer the question. Among Trumps Republicans, 40% support ending the conflict as soon as possible, even if it fails to achieve U.S. objectives, while 57% support a prolonged involvement. In the survey of 1,021 people, 60% of respondents disapproved of a U.S. military strike against Iran, while 35% approved. Two-thirds of respondents said they expect gasoline prices to worsen further over the next year, with 40% of those Republicans expecting this.On April 1st, Dubai-based Emirates Airlines announced on Tuesday that Iranian citizens are prohibited from entering or transiting through the UAE. The company did not specify the reason in a notice posted on its website. A previous notice stated that Iranians holding golden visas, senior professionals, athletes, and family members of UAE citizens were permitted entry.On April 1, local time, Majid Mousavi, commander of the Aerospace Force of the Iranian Islamic Revolutionary Guard Corps, issued a statement saying that the Revolutionary Guard used drones and missiles to strike the residences of US pilots at the Prince Sultan Air Base in Saudi Arabia. The statement said that 200 US military personnel were gathered at the base at the time of the strike.According to a Reuters/Ipsos poll, 40% of Republicans, including President Trump, believe the U.S. should end the war on Iraq as soon as possible, even if the objective is not achieved.

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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