EUR/USD 1.17888
0.055%
Gold 4981.10
0.100%
Oil 65.035
0.216%
USD/JPY 154.731
-0.058%
GBP/USD 1.34963
0.033%
GBP/JPY 208.834
-0.018%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
A Reuters poll shows that two-thirds of Japanese companies are concerned about Prime Minister Sanae Takaichis fiscal discipline.Dominic LeBlanc, Canadas Minister for Canada-US Trade: (When asked if Canada had discussed any contingency plans with Mexico should the US seek a bilateral agreement) No.Dominic LeBlanc, the Canadian Minister in charge of trade with the United States and Canada: I am reassured that the Mexican Minister of Economy has expressed his willingness to work with Canada and ensure that the review of the USMCA results in a trilateral trade arrangement.Conflict Status: 1. Ukraine reportedly recaptured 201 square kilometers of land in five days. 2. Russian troops have taken control of Krinichny in eastern Ukraine. 3. Russian Foreign Ministry: Dutch mercenaries flying Ukrainian aircraft will be legal targets. Peace Negotiations: 1. Russian media: No documents were signed at the Geneva talks. 2. Head of the Russian delegation: The negotiations lasted about two hours, difficult but pragmatic. A new round of talks on the Ukraine issue will be held soon. 3. White House Press Secretary: The latest round of trilateral contacts "made meaningful progress," and all parties agreed to continue negotiations. 4. Zelensky: Differences remain in current positions; European participation in peace negotiations is crucial. 5. Zelensky: The talks at the military level were substantive; political issues need further study. He hopes the next round of negotiations will be held in February. 6. Zelensky: Ukraine and Russia are "close" to forming a document on how to monitor the ceasefire; the United States will play a leading role in monitoring the ceasefire. 7. Russian Foreign Minister: Russia and the United States have agreed to establish a bilateral economic working group to discuss trade and economic issues separately. 8. Zelensky: The next round of talks with Russia will be held in Switzerland. Other developments: 1. Zelensky: Sanctions have been imposed on Belarusian President Lukashenko. 2. Hungary and Slovakia have announced a suspension of diesel exports to Ukraine. 3. The EU has adopted a comprehensive strategy to support member states bordering Russia and Ukraine. 4. Russian oil drilling activity is projected to fall to its lowest level in three years by 2025. 5. Data shows that India imported 1.1 million barrels per day of Russian oil in January, the lowest level since November 2022. February 19th - According to CBS News, citing sources familiar with the matter, senior U.S. national security officials have informed Trump that the military could launch a strike against Iran as early as Saturday, but the timeline for any action could be extended beyond the end of the week. Trump has not yet made a final decision on whether to launch a strike. Several officials stated that the Pentagon will temporarily evacuate some personnel from the Middle East over the next three days, primarily to Europe or back to the United States, in preparation for potential U.S. actions or a potential Iranian retaliation following a U.S. strike. One source stated that moving assets and personnel in the lead-up to potential military action is routine Pentagon practice and does not necessarily indicate that a strike against Iran is imminent.

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