EUR/USD 1.14218
-0.776%
Gold 5016.12
-1.248%
Oil 96.467
1.332%
USD/JPY 159.671
0.208%
GBP/USD 1.32265
-0.866%
GBP/JPY 211.193
-0.611%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On March 15, the Israel Defense Forces (IDF) issued a statement saying that it continued its strikes against ballistic missile and drone systems in western and central Iran. The statement indicated that the IDF, based on intelligence, struck a drone launch team inside a hangar in western Iran. The statement also said that since the start of the current conflict, Israel has struck hundreds of air defense systems, ballistic missile launchers, and related infrastructure in Iran.Danish Prime Minister: I am very grateful for Canadas support when the US pressured Greenland.March 15th - According to the Ministry of Emergency Management, while the overall national work safety situation has remained stable this year, several major accidents with fatalities have occurred recently. On March 13th, an accident at an auto parts company in Zhaoqing, Guangdong, resulted in 3 deaths and 4 injuries; on March 14th, a fire at a self-built house in Meizhou, Guangdong, resulted in 3 deaths and 2 injuries; on the same day, a rock climber fell near Yanlie Mountain in Jiujiang, Jiangxi, resulting in 3 deaths; and on March 15th, a mechanical injury accident at an auto parts company in Yantai, Shandong, resulted in 3 deaths. On March 15th, the State Councils Work Safety Committee Office decided to supervise the investigation of these four accidents, requiring relevant local authorities to conduct investigations at a higher level according to the principle of "four no-tolerance" (no letting go of any aspect of the accident investigation), and to hold those responsible accountable according to law and regulations. An emergency notice was also issued regarding recent major accidents, requiring lessons to be learned from these incidents, resolutely preventing and curbing major accidents, effectively preventing a resurgence of serious and dangerous accidents, and ensuring the continued stability of the national work safety situation.The Nordic countries and Canada issued a joint statement announcing their commitment to enhancing their defense industry capabilities in order to accelerate the production of defense products and strengthen combat capabilities.The Nordic countries and Canada issued a joint statement announcing that they will continue to provide economic, civilian, military, and humanitarian assistance to Ukraine.

Near 1.3600, USD/CAD Meets Difficult Resistance Amid a Weak USD Index and Rising Crude Prices

Daniel Rogers

Mar 29, 2023 14:32

USD:CAD.png 

 

Near 1.3600, the USD/CAD pair encountered resistance during the Asian session. As the US Dollar Index (DXY) appears vulnerable to further losses below 102.40, the Canadian dollar appears to have a sturdy downside bias. The USD Index has found support near 102.40, but a retracement is likely as risk appetite improves.

 

The USD Index is under intense pressure as a result of the decline in U.S. banking concerns. As reported by Reuters, US House Speaker Kevin McCarthy stated in an interview with CNBC on Tuesday that "at this time" there is no need for universal insurance on all bank deposits, reviving concerns of a banking crisis in the United States.

 

Tuesday's S&P500 futures remained predominantly constrained in response to House Speaker Kevin McCarthy's remarks. The Federal Reserve (Fed) is expected to maintain a consistent tone when announcing its interest rate decision at its May monetary policy meeting, despite the optimistic market sentiment.

 

In the interim, demand for U.S. government bonds remained low due to investors' expectation that the nation will emerge from its banking crisis sooner. This led to a rise in 10-year US Treasury yields to 3.57 percent.

 

According to Bloomberg, the Canadian Dollar remained volatile on Tuesday after Finance Minister Chrystia Freeland's announcement that dividends received by financial institutions from holding domestic equities will be considered business income. This will generate billions in tax revenue from banks and insurance firms that receive dividends from Canadian corporations.

 

Due to a weakening US Dollar and expectations of additional sanctions against Russia, the price of oil has risen to close to $74.00 on the energy front. The US Energy Information Administration (EIA) oil inventory data will be attentively monitored for additional guidance. As anticipated, the US EIA will report an increase of 0.187 million barrels in oil stocks for the week ending March 24.

 

Notably, Canada is the leading oil exporter to the United States, and rising crude prices would strengthen the Canadian Dollar further.

Suggestion