EUR/USD 1.13955
0.084%
Gold 4033.63
0.127%
Oil 81.178
3.636%
USD/JPY 163.510
-0.214%
GBP/USD 1.33014
0.101%
GBP/JPY 217.486
-0.104%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Yemeni diplomatic missions: The Saudi-US attack on Iraq is a blatant violation of international law. Iraq and its people have the right to legitimately retaliate against this crime.Russian Defense Ministry: Russian troops have taken control of Svetly and Novasich in eastern Ukraine.July 29th, Futures News: 1. According to feedback from cotton regulatory warehouses/delivery warehouses in Aksu, Kashgar, and Kuitun, the transfer of Xinjiang cotton to inland areas has slowed since mid-to-late July, and the pressure on loading and shipping at storage warehouses has decreased. This is particularly evident at warehouses in Shihezi, Changji, and Kuitun in northern Xinjiang. Industry insiders believe that in addition to the start of sales of central reserve cotton, this is also related to factors such as the increasingly obvious off-season trend for domestic sales in June and July, the continued increase in the proportion of production restrictions and reductions by small and medium-sized textile mills in inland areas, and the continuous weakening supply of high-quality, high-grade cotton ("double 29/double 30/double 31") in Xinjiang warehouses. 2. According to surveys/estimations of some cotton-related enterprises in Xinjiang, as of July 20, the commercial cotton inventory in Xinjiang may have dropped to around 1.45 million tons. Moreover, the resources from Kashgar, Kizilsu, Hotan and Aksu in southern Xinjiang account for a relatively high proportion. Meanwhile, the inventory of bonded warehouses in Xinjiang, such as Western Pearl Bonded Logistics, is mainly cotton from Kazakhstan, Afghanistan and Turkey. Therefore, it is expected that more Xinjiang textile enterprises will participate in the auction of the 2026 central reserve cotton in August and September, and increase the replenishment of high-index and high-spinnability cotton such as "double 29/double 30" to safely get through the "supply gap period".ECB Governing Council member Patsalides: On the issue of inflation, the passage of time is undoubtedly at our disadvantage.On July 29th, the "Implementation Plan for Artificial Intelligence Empowering the Digital Transformation of Manufacturing in Zhejiang Province (2026-2030)" was issued, proposing to promote data governance and the construction of high-quality datasets. It supports enterprises in registering industrial data assets and industrial data intellectual property rights. It encourages enterprises with a digital transformation level of 2.0 or higher to build unified data management platforms and promote multi-source heterogeneous data modeling, analysis, classification, and hierarchical management. Focusing on key industry scenarios such as integrated circuits, apparel and textiles, consumer electronics, and modern home furnishings, it promotes collaborative data collection, processing, labeling, testing, and application across the industrial chain to build high-quality, reusable industry datasets. It also advances the pilot construction of product master data standards and high-quality industry datasets to accelerate the creation of a trusted industrial data space.

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