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Abu Dhabi National Oil Company (ADNOC) Gas Division: An incident at the Habshan building on April 3 resulted in damage to some facilities.On April 5th, according to Axios, US President Trump stated in a phone interview that the US is engaged in "deep negotiations" with Iran and hopes to reach an agreement before Tuesdays deadline. "The chances of a deal are very high, but if they dont, Im going to destroy everything there," he said. When asked if he was worried about harming innocent civilians, Trump said he believed Iranians opposed to his government would support such strikes to weaken the regime. In the approximately eight-minute phone interview, Trump stated that his special envoys, Witkov and Kushner, were engaged in intensive negotiations with the Iranian side. Two sources involved in the negotiations said communication was being conducted both through intermediaries such as Pakistan, Egypt, and Turkey, and through text messages between Trumps advisors and Iranian Foreign Minister Araqchi. "The negotiations are progressing well, but dealing with the Iranians is never a long way off," Trump said. He also stated that the two sides were close to reaching an agreement to hold direct talks a few days earlier. "But they said theyd meet again in five days. I asked, why five days? I felt they werent serious enough. So I attacked that bridge," Trump said.On April 5th, Democratic House Armed Services Committee member Roe Carner, in an interview with NBC, stated that Trump is "failing the U.S. military" on the Iran issue, and that his rhetoric is out of touch with reality. Carner pointed out that Trump had earlier tweeted demanding that Iran "open the damn Strait of Hormuz," or face escalating attacks. While Trump is "using profanity and threatening war crimes," U.S. military personnel are under fire, despite his repeated claims that Iranian military power has been destroyed. Carner said, "We must end this war now. There needs to be an immediate ceasefire. Iran, Israel, and the United States must stop bombing and reach a solution through negotiations." He also stated that he would refuse to support any additional funding that prolongs the conflict, including appropriations directly for Pentagon war operations.On April 5, Mehdi Tabatabai, Deputy Chief of Staff for Information and Communications at the Iranian Presidential Palace, issued a stern statement regarding the regional situation and the passage through the Strait of Hormuz. Tabatabai launched a fierce attack on US President Trump and his policies on social media, accusing him of resorting to verbal abuse out of "despair and anger," and claiming that his reckless actions had triggered a full-scale war in the region. Regarding the control of the Strait of Hormuz, Tabatabai stated that the strait would only be fully reopened after a new legal framework was established and past shipping tax revenues were used to compensate Iran for all losses suffered in past wars.Domestic News: 1. Box office revenue for the 2026 Qingming Festival holiday is expected to exceed 200 million yuan. 2. Wang Yi spoke with Russian Foreign Minister Lavrov by phone. 3. The Speaker of the Portuguese Parliament will visit China from April 7th to 11th. 4. Chinas national railway system transported 22.123 million passengers, setting a new record for single-day passenger volume during the Qingming Festival holiday. International News: 1. The White House denies rumors of Trumps serious illness and hospitalization. 2. OPEC+ increased production by 206,000 barrels per day in May. 3. British media: Britain seeks to attract Anthropic to expand its business in the UK. 4. Energy Situation: ① Iran has included Israeli power plants in its attack targets. ② The Ruwais petrochemical facility in Abu Dhabi was attacked and shut down. ③ Oil tankers carrying Iraqi crude oil passed through the Strait of Hormuz. ④ Iran warned of further damage to US interests by striking petrochemical and energy facilities in several Gulf states. ⑤ Oman and Iran held a vice-ministerial meeting to discuss the issue of securing passage through the Strait of Hormuz. ⑥ Kuwait Oil Company confirmed that its production facilities were attacked by Iranian drones, and some facilities caught fire. 6. Iran Situation: ① Trump - US media: Trump said he would reach an agreement with Iran as early as tomorrow, otherwise he would blow everything up and take over the oil; Trump threatened to strike Iranian power plants and bridges on April 7; he will hold a joint press conference with the military. ② US media: The Iranian parliament speaker seems to have threatened to cut off shipping in the Bab el-Mandeb Strait. ③ Iran launched its 96th wave of strikes against the US and Israel. ④ Iranian media: The commander of the Iranian Army Air Defense Academy was killed in the US and Israeli attacks inside Iran. ⑤ Iranian military: The US militarys rescue mission for the pilots "failed" and several aircraft were shot down. ⑥ Israel claims to have killed the commercial head of the Iranian Revolutionary Guards oil headquarters.

USD/CAD Bears In Control And Aiming At Support Zone Lows

Alina Haynes

Apr 04, 2023 13:53

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The USD/CAD exchange rate is unchanged on the day after a succession of negative impulses drove the price into new territory to the downside and deeper into a support region as a result of the oil price rally. The USD/CAD exchange rate was 1.3431 at the time of writing.

 

Monday's 6.3% rise in West Texas Intermediate WTI crude oil to an intraday high of $81.51 strengthened the CAD. The oil price surged after the OPEC+ cartel surprised the market with a production cut of 1.1 million barrels per day to support prices, with the cartel announcing that it will reduce output prior to Monday's ministerial meeting.

 

Analysts at TD Securities observed that the Bank of Canada's Business/Consumer Surveys painted a more dovish picture ahead of the April BoC meeting, with a marked improvement in capacity pressures and consumer inflation expectations.

 

Analysts noted that firm-level inflation expectations continue to be elevated and that consumer growth and income expectations have also increased since the fourth quarter.

 

''The Bank of Canada should be pleased with these results, which indicate a decline in capacity pressures and a moderation in inflationary pressures. However, inflation expectations remain a formidable impediment to near-term relief. If growth does not decelerate substantially in the second quarter, it may be difficult for the Bank of Canada to keep rates at 4.50 percent. Analysts believe that the report is optimistic for CAD.