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March 28 – Malaysian Foreign Minister Mohamed said on the 28th that the Iranian government had allowed several Malaysian oil tankers stranded in the Strait of Hormuz to pass. Mohamed told the media that day that given the current tensions in the Middle East, although the tankers had been granted passage through the Strait of Hormuz, they still needed to wait for a suitable "window of opportunity."Naftogaz, Ukraines state-owned gas company, reported that Russia attacked a gas production facility in the Poltava region, killing one person.On March 28, Iranian President Peskhziyan posted on social media that Iran would not launch a preemptive attack, but would retaliate strongly if its infrastructure or economic centers were attacked. He warned that regional countries, if they wish to achieve development and security, should not allow Irans adversaries to use their territory to launch attacks against Iran.March 28 (Tasnim News Agency) – A spokesperson for the Iranian Armed Forces Hatam Anbia Central Headquarters stated on the 28th that two enemy refueling aircraft were destroyed and a US support vessel was struck. The spokesperson said that since the evening of the 27th, the Iranian Islamic Revolutionary Guard Corps had launched missile attacks on a US military base in Khairji, Saudi Arabia. Two of the five US refueling aircraft were completely destroyed, and the other three were severely damaged and rendered inoperable.Ukrainian President Zelensky: Currently, due to the war in the Middle East and security measures, US personnel are unable to leave the country. Their negotiating team is not undertaking international travel.

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.

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