EUR/USD 1.15322
-0.023%
Gold 4091.97
0.507%
Oil 88.117
-2.394%
USD/JPY 160.528
-0.014%
GBP/USD 1.33608
-0.048%
GBP/JPY 214.483
-0.062%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Kremlin: (Regarding the escalation of the situation in Iran) We call on both sides of the conflict to exercise restraint and continue negotiations.June 11th - Inspection, testing, and certification have become a "key variable" for industrial upgrading. The Guangzhou Municipal Market Supervision Bureau introduced on the 11th that, focusing on strategic emerging industries such as intelligent connected vehicles, new energy storage, low-altitude economy, and semiconductors and integrated circuits, Guangzhou is actively guiding inspection and testing institutions to strengthen their capabilities and promote technological leaps. In the automotive sector, Guangzhou has successfully supported local vehicle manufacturers in developing fully domestically designed chips, achieving 100% domestic design for 1004 chips across 382 vehicle domain control systems, marking a crucial step towards independent control of core components for intelligent connected vehicles. Simultaneously, national quality inspection centers for new power system digital sensing and control products and intelligent connected vehicles have been approved for establishment.The Bahraini Foreign Minister said during a meeting with Russian Foreign Minister Lavrov that 36 drones attacked Bahrainian territory this morning.Google: With a $50 million funding commitment from Google.org, the funds will be used directly to train professionals.Google: Expanding our tech job support program to help more than 300,000 U.S. workers prepare in more than 20 states.

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