EUR/USD 1.16168
-0.139%
Gold 4365.78
-0.813%
Oil 96.546
2.477%
USD/JPY 154.122
0.374%
GBP/USD 1.35159
-0.222%
GBP/JPY 208.314
0.169%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Dow Jones Industrial Average opened down 236.14 points, or 0.45%, at 52,144.52 on Thursday, September 10; the Nasdaq Composite Index opened down 232.08 points, or 0.88%, at 26,021.26; and the S&P 500 Index opened down 44.43 points, or 0.58%, at 7,592.06.On September 10th, Galactic Energy successfully completed a 130-second long-duration rated-condition test of the new-generation 100-ton-class CQ-90 (Cangqiong-90) liquid oxygen/kerosene engine, the main engine of the large reusable liquid-fueled launch vehicle, the Zhishenxing-2, at the Niutoushan test stand. According to reports, the test ran smoothly throughout, and all performance indicators met design requirements, marking a complete success. With this, the Cangqiong-90 engine has completed more than 20 research-oriented test runs and officially entered the reliability verification test phase, taking a decisive step towards engineering finalization and flight application, providing core power support for the vertical recovery and reuse of the Zhishenxing-2s stage.European Central Bank President Christine Lagarde: I will not comment on interest rate spreads.European Central Bank President Christine Lagarde: (Previously) the scale of the joint euro-yen intervention was 500 million euros.On September 10th, a statement from the U.S. General Services Administration (GSA) indicated that OpenAI is ending a pilot program that allowed government agencies to use its models for just $1 per year, moving towards a usage-based pricing system where federal employees will receive the technology at half the standard price. Last August, to promote the adoption of its models, OpenAI joined the GSAs OneGov marketplace—a hub allowing federal agencies to purchase AI software on a large scale. As previously reported, the $1 per year clause negotiated in the first year was the largest technology discount ever negotiated by a government central procurement agency. According to the GSA, during this period, 3.5 million federal employees used OpenAIs ChatGPT, generating $1.4 billion in cost savings.

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