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May 12th - At the 2026 APEC Food Safety Cooperation Forum held today, it was learned that in the first four months of this year, Chinas total food import and export trade reached 594.86 billion yuan, a year-on-year increase of 6.5%. Imports totaled 409.22 billion yuan, up 8.8% year-on-year, while exports reached 185.64 billion yuan, up 1.9% year-on-year. In the first four months, my countrys food imports and exports to other APEC economies totaled 350.38 billion yuan. Imports reached 229.83 billion yuan, and exports reached 120.55 billion yuan. Meat, dairy products, and alcoholic beverages accounted for 21.48 billion yuan, 20.11 billion yuan, and 11.83 billion yuan respectively. Wang Jun, Deputy Director of the General Administration of Customs, explained that the Asia-Pacific region is vast, and the resource endowments, development stages, and governance models of APEC economies are not entirely the same. China Customs is willing to further deepen cooperation with all economies, embrace the digital revolution and regulatory innovation, and promote trade facilitation through technological empowerment and digital efficiency enhancement; deepen the alignment of rules and mutual recognition of standards to build an open and transparent regional food trade system; and strengthen capacity building and collaborative governance to solidify the foundation for food safety and trade facilitation.Hungarian Finance Minister nominee Kalman: A professional and public debate on the adoption of the euro will be launched.On May 12th, Matt Hornbach, Global Head of Macro Strategy at Morgan Stanley, stated that he expects the US April inflation data to be quite "hot," the first of a series of data releases this week. This data will ultimately form the core PCE price index, the inflation indicator most closely watched by the Federal Reserve. Hornbach noted that historically, businesses havent necessarily passed on inflationary pressures to consumers, as seen in the case of the US government imposing tariffs, which didnt lead to the expected price increases. Currently, businesses face significant pressure from rising energy costs and the cost of building AI infrastructure, but it remains to be seen whether they will be able to pass all these costs on to consumers. Therefore, the bank still predicts that the Federal Reserve will maintain interest rates unchanged this year.WHO Director-General Tedros Adhanom Ghebreyesus: We cannot force countries to accept our agreements; we can only offer advice and recommendations.On May 12th, the Shanghai Futures Exchange (SHFE) reported the following warehouse receipts and changes: 1. Butadiene rubber futures warehouse receipts: 0 tons, a decrease of 31,480 tons compared to the previous trading day; 2. Nickel futures warehouse receipts: 70,825 tons, an increase of 444 tons compared to the previous trading day; 3. Gold futures warehouse receipts: 110,673 kg, an increase of 1,020 kg compared to the previous trading day; 4. Fuel oil futures warehouse receipts: 53,530 tons, a decrease of 5,000 tons compared to the previous trading day; 5. Alumina futures warehouse receipts: 0 tons, a decrease of 505,850 tons compared to the previous trading day; 6. Silver futures warehouse receipts: 832,935 kg, a decrease of 12,496 kg compared to the previous trading day; 7. Hot-rolled coil futures warehouse receipts: 623,408 tons, an increase of 300 tons compared to the previous trading day; 8. 9. Pulp warehouse futures receipts: 201,577 tons, up 2,121 tons from the previous trading day; 10. Pulp mill warehouse futures receipts: 15,000 tons, unchanged from the previous trading day; 11. Natural rubber futures receipts: 137,030 tons, unchanged from the previous trading day; 12. Stainless steel warehouse futures receipts: 65,870 tons, up 1,772 tons from the previous trading day; 13. Rebar warehouse futures receipts: 94,161 tons, unchanged from the previous trading day; 14. Copper futures receipts: 88,547 tons, up 470 tons from the previous trading day; 15. Zinc futures receipts: 104,490 tons, up 3,053 tons from the previous trading day; 16. Medium-sulfur crude oil futures receipts: 3,511,000 barrels, unchanged from the previous trading day; 17. Low-sulfur fuel oil warehouse futures receipts: 13,040 tons, a decrease of 6,010 tons from the previous trading day; 18. International copper futures warehouse receipts: 14,783 tons, an increase of 2,445 tons from the previous trading day; 19. Lead futures warehouse receipts: 64,071 tons, an increase of 6,547 tons from the previous trading day; 20. Petroleum asphalt plant warehouse futures warehouse receipts: 31,220 tons, an increase of 9,430 tons from the previous trading day; 21. Petroleum asphalt warehouse futures warehouse receipts: 24,200 tons, unchanged from the previous trading day; 22. Aluminum futures warehouse receipts: 462,100 tons, an increase of 575 tons from the previous trading day; 23. Tin futures warehouse receipts: 9,115 tons, an increase of 140 tons from the previous trading day; 24. TSR20 rubber futures warehouse receipts: 35,583 tons, a decrease of 604 tons from the previous trading day.

USD/CAD Bears Anticipate Additional Losses Towards $1.34

Alina Haynes

Apr 13, 2023 14:22

 USD:CAD.png

 

Following a three-day losing trend, the USD/CAD continues to trade near the weekly low around 1.3440 in the early hours of Thursday.

 

In doing so, the Loonie pair justifies yesterday's pullback from the 61.8% Fibonacci retracement of the February-March uptrend, as well as yesterday's retreat from the 100-bar Exponential Moving Average (EMA), in conjunction with negative MACD signals.

 

Notably, the RSI (14) line is approaching the oversold region, indicating the USD/CAD exchange rate has limited downside potential.

 

Consequently, a horizontal area containing multiple lows marked since March 3 around 1.3400 becomes the most crucial support for pair traders to track. In addition, the 78.6% Fibonacci retracement level encircling 1.3390 provides immediate support.

 

A irregular decline towards February's low of 1.3262 cannot be ruled out if the USD/CAD defies RSI conditions and descends below 1.3390.

 

In contrast, the 61.8% Fibonacci retracement level around 1.3490, also known as the golden Fibonacci ratio, restricts immediate USD/CAD recovery movements prior to the 1.3535 100-exponential moving average (EMA) barrier.

 

If the USD/CAD exchange rate remains firmer than 1.3535, a convergence of the 200-exponential moving average (EMA) and 50% Fibonacci retracement around 1.3565 will pose a formidable obstacle for buyers.

 

At the time of publication, USD/CAD investors should remain cautious unless they observe a clear break above the previous support line from early February, which was near 1.3670.