EUR/USD 1.14479
0.160%
Gold 4118.20
-0.130%
Oil 72.017
0.497%
USD/JPY 161.695
-0.418%
GBP/USD 1.34362
0.210%
GBP/JPY 217.263
-0.208%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On July 10th, MiniMax founder and CEO Yan Junjie released an internal letter to all employees, responding to recent market fluctuations and emphasizing that the companys long-term direction remains unchanged. In the letter, Yan Junjie announced that, effective immediately, until the company achieves its AGI (Automatic Group Index), he will no longer receive any salary from the company. Over the next four years, he will allocate 4% of his personal shares—equivalent to 4% of the companys total share capital—to incentivize team members who have worked alongside the company and created value together; he will also allocate 1% of his shares to establish a special fund to continuously support the development of related open-source communities.Newly listed stock N Torrance surged over 1000% in early trading, triggering a temporary trading halt.As of 09:31 Beijing time, WTI crude oil futures rose 0.40%, and US natural gas futures rose 0.17%.On July 10th, Japanese Economy and Fiscal Policy Minister Minoru Jonouchi stated on Friday that the government would never pre-convey its preferences regarding how the central bank should set interest rates, thus mitigating market concerns about political interference in monetary policy. This followed a draft economic blueprint stating that "appropriately guiding monetary policy to achieve a stronger economy is very important," which exacerbated market concerns that the dovish government of Prime Minister Sanae Takaichi might pressure the Bank of Japan to postpone interest rate hikes. The draft also mentioned a legal provision requiring the Bank of Japan to align its policy decisions with the governments economic agenda, but did not mention another provision ensuring its legal independence from political interference. At a press conference, Jonouchi stated, "The governments specific monetary policy measures are determined by the Bank of Japan, and this position remains unchanged." He pointed out, "The government will never pre-convey its views to the Bank of Japan on matters such as the timing and magnitude of interest rate hikes, or the direction of monetary policy." However, he added that the government and the Bank of Japan "should obviously" share an understanding of the economic, price, and financial situation.Oil-themed funds opened lower, with the Global Oil and Gas Energy LOF falling more than 3%, the Harvest Crude Oil LOF falling more than 2%, and the E Fund Crude Oil LOF, Southern Crude Oil LOF, and Oil Fund LOF all falling more than 1%.

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