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On March 30, the State Administration for Market Regulation issued a notice on further implementing the "Anti-Unfair Competition Law of the Peoples Republic of China." The notice proposes exploring extraterritorial enforcement of anti-unfair competition laws. It calls for exploring and promoting the extraterritorial application of my countrys anti-unfair competition laws and regulations, resolutely cracking down on unfair competition practices such as false advertising, online unfair competition, commercial defamation, and infringement of trade secrets committed overseas that disrupt domestic market competition order and harm the legitimate rights and interests of domestic businesses or consumers, thereby safeguarding the security of my countrys industrial and supply chains and protecting the interests of my country and its enterprises. The notice also encourages actively exploring extraterritorial enforcement practices, accelerating the development of a specialized team of personnel for foreign-related law enforcement, and supporting qualified localities to conduct pilot programs.On March 30th, the State Administration for Market Regulation issued a notice on further implementing the "Anti-Unfair Competition Law of the Peoples Republic of China." The notice proposes establishing a multi-dimensional collaborative mechanism to address the issue of large enterprises and other operators defaulting on payments to small and medium-sized enterprises (SMEs). It emphasizes the need to comprehensively assess whether large enterprises and other operators hold a dominant position by considering factors such as the trading parties industry standing, trading habits, and impact on SMEs and the overall market order. Accurate identification of illegal behavior requires that the perpetrator be a large enterprise or other operator, that the behavior demonstrates a specific abuse of its dominant position, and that SMEs be forced to accept clearly unreasonable trading conditions, resulting in defaulted payments.On March 30th, the State Administration for Market Regulation issued a notice on further implementing the "Anti-Unfair Competition Law of the Peoples Republic of China." The notice emphasizes curbing typical unfair competition practices. Adapting to the requirements of high-quality development and the development of new productive forces, it calls for continued efforts to combat common and prevalent unfair competition practices such as counterfeiting, false advertising, infringement of trade secrets, and unfair sales promotions, thereby promoting a fair and competitive market environment. The notice also emphasizes correctly understanding the constituent elements of unauthorized use of others product names as search keywords, fraudulent transactions, and false reviews, and reasonably defining the legal responsibilities of those who aid and abet confusion and sellers of illegal goods, avoiding both overgeneralization of protection and condoning illegal activities.Irans deputy energy minister said that power has been restored to normal in Tehran and Alborz province.On March 30, the State Administration for Market Regulation issued a notice on further implementing the "Anti-Unfair Competition Law of the Peoples Republic of China." The notice emphasizes strengthening the supervision of unfair competition online. It calls for balancing vitality and order, improving online competition rules, and enhancing the level of routine supervision of unfair competition online. It also stresses the need to effectively utilize special provisions prohibiting infringement of data rights and rules protecting trade secrets to accurately identify unfair competition related to data, balance data protection and data utilization, strengthen protection for emerging industries such as artificial intelligence, effectively protect the legitimate rights and interests of all participants in data elements, and maintain order in the data market competition. Furthermore, it calls for timely responses to various new types of unfair competition online and effective regulation of unfair competition using data, algorithms, technologies, and platform rules.

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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