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The U.S. savings rate fell to 3.6% in December, the lowest level since October 2022.February 26th - According to statistics and analysis from the China Association of Automobile Manufacturers, in January 2026, Chinese brand passenger vehicles sold a total of 1.329 million units, a decrease of 32.1% month-on-month and 8.9% year-on-year, accounting for 66.9% of total passenger vehicle sales, a decrease of 1.5 percentage points compared to the same period last year.On February 26, the Cuban Ministry of the Interiors Bureau of Identity, Immigration and Foreigners announced on the 25th that due to the escalating US blockade against Cuba, there is a shortage of card-making materials used to produce identity documents, leading to a temporary suspension of identity document production. The announcement stated that production will resume once supplies are available. The bureau will continue to accept identity document applications, and applicants can collect a copy of their identity document from the relevant office before the official document is issued. The announcement also stated that existing identity documents used by the public will remain valid as long as they fully prove the holders identity, without any expiration date.Irans proposed nuclear deal included "symbolic nuclear enrichment" within Iran for research purposes, despite the United States demanding that Iran abandon all nuclear enrichment activities.The Zhejiang Provincial Information Office held a press conference on the provinces economic policies for 2026, which proposed to fully stimulate private investment and give private capital more opportunities to participate in the construction of major projects. It was clarified that the proportion of private investment projects supported by the provincial "4+1" special funds, newly added energy consumption funds, and newly added industrial land should not be less than 80%; for key projects in areas such as offshore wind power, water conservancy, and nuclear power that require provincial-level or higher approval (verification) and meet the conditions, the proportion of private investment should not be less than 10% and should be gradually increased.

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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