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On March 29, Cuban Foreign Minister Rodriguez stated on the 28th that the remarks made by US officials in Europe were intended to "create chaos," and that the US denial of imposing a fuel supply blockade on Cuba was "a shameless lie." Rodriguez said on social media that a simple look at the US governments executive order of January 29 and related regulations from the US Treasury Department proves that the US has imposed a brutal fuel supply blockade on Cuba. This is "expanding and intensifying the collective punishment of the Cuban people."The China Earthquake Networks Center officially measured a 3.3-magnitude earthquake in Pingtung County, Taiwan, at 11:12 a.m. on March 29, with a focal depth of 23 kilometers.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.0 occurred near Pingtung County, Taiwan at 11:12 AM on March 29. The final result is subject to the official rapid report.March 29th - To further improve the quality of food safety sampling and inspection, the State Administration for Market Regulation has begun revising the "Administrative Measures for Food Safety Sampling and Inspection," resulting in the "Draft Administrative Measures for Food Safety Sampling and Inspection (for Public Comment)," which is now open for public comment. All relevant units and individuals are welcome to submit their comments and feedback forms to the State Administration for Market Regulation by April 26, 2026.The UAE Ministry of Defense stated that it is currently responding to drones and missiles originating from Iran.

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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