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According to Interfax news agency, Russia has launched strikes against Ukrainian military command facilities, air bases, and defense industrial enterprises. The strikes are a response to Kyivs attacks on Russian civilian targets.According to Saudi media outlet Alhadath, a senior source revealed that the next round of talks between the United States and Iran may be held on June 5. Both the US and Iran will send their chief representatives when negotiations begin to finalize a deal.According to RIA Novosti, the Russian Ministry of Defense stated that the Russian military launched a large-scale retaliatory strike against Ukraine, using Oreshnik, Iskander, Berkut, and Zircon missiles.The Ukrainian military stated that Ukraine attacked the oil loading and unloading terminal of the Taman oil and gas terminal in Russias Krasnodar Krai.On May 24, Ukrainian President Volodymyr Zelenskyy announced via social media that Ukrainian rescue and emergency response teams had been fully engaged in response efforts in the affected areas since early that morning. The latest Russian attack has injured at least 83 people and resulted in several deaths. Zelenskyy stated that the scale of the Russian attack was unprecedented. Russia launched a total of 90 missiles of various types, including 36 ballistic missiles, and deployed 600 drones in coordination. Ukraine acknowledged that not all incoming ballistic missiles were successfully intercepted by its air defense systems. Kyiv was the most frequently targeted city and the primary target of this large-scale Russian airstrike.

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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