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On February 8th, Fujian Province issued the "Implementation Opinions on Promoting High-Quality Urban Development," which proposes to systematically advance the construction of "good houses." This includes accelerating the construction of a new real estate development model and improving the "market + guarantee" housing supply system. The document also calls for implementing a housing quality improvement project to enhance the entire housing chain, from design and construction to maintenance and services, and vigorously promoting the construction of safe, comfortable, green, and smart "good houses." Furthermore, it aims to build a modern industrial system for residential construction. The document also emphasizes steadily advancing the renovation of urban villages and dilapidated housing, supporting the independent renewal and reconstruction of old housing, continuously promoting the renovation of old urban residential communities, and implementing an action plan to improve the quality of property services.February 8th - Japanese voters will head to polling stations on Sunday (January 22nd) to cast their votes for Prime Minister Sanae Takaichis government. Takaichi hopes to consolidate her power and secure clear authorization for her spending and investment plans, which have unsettled some investors. Takaichi has stated she will stake her job on the election results and will resign if the ruling coalition fails to win a majority in the more powerful House of Representatives. Takaichi currently holds a slim majority of 233 of the 465 seats in the House of Representatives. Polls suggest she is poised for a landslide victory. The Nikkei reports that the Liberal Democratic Party (LDP) and its smaller ruling coalition partner, the Japan Restoration Party, could win over 300 seats. The Mainichi Shimbun states that the LDP alone could win 300 seats, meaning the ruling coalition could secure two-thirds of the House of Representatives. Despite this, the Middle Way Reform Coalition appears to be struggling to win over voters. Some polls suggest the party may ultimately lose half of its seats. In a rare winter election, snowfall in the north could also reduce voter turnout and weaken support for Kaohsiung, especially given that she relies on personal popularity rather than organized voting to increase the Liberal Democratic Partys seats.February 8th - The "Implementation Opinions on Promoting High-Quality Urban Development" was recently issued, proposing to promote the coordinated development of large, medium, and small cities. It supports Fuzhou in accelerating its construction as a modern international city; Xiamen in building a leading demonstration zone for high-quality development; Zhangzhou in building a green intelligent manufacturing base on the southeast coast, and a modern, livable, ecological garden city; Quanzhou innovating and developing the "Jinjiang Experience," building a 21st-century "Maritime Silk Road City" and a strong intelligent manufacturing city; Sanming and Longyan in building high-quality development demonstration zones in the old revolutionary base area of western Fujian; Putian in implementing the Mulan River governance concept, building a pioneering city for green and high-quality development; Nanping in building the core area of the Greater Wuyi Cultural Tourism Circle; Ningde in building the core area of the new energy and new materials industry; and the Pingtan Comprehensive Experimental Zone in a new round of opening-up and development. It supports various localities in exploring urban development positioning that suits their local conditions. It also accelerates the extension of the functions of central cities, driving the development of small and medium-sized cities through industrial transfer and "enclave economy."On February 8th, Fujian Province issued the "Implementation Opinions on Promoting High-Quality Urban Development," which proposes to improve urban infrastructure. This includes accelerating the construction of the Fuzhou and Xiamen subway projects; optimizing the hierarchical structure of the urban road network, removing bottlenecks and congestion, and optimizing the urban freight network; strengthening the construction of parking and charging facilities; continuously enhancing the deep coverage of 5G, 5G-A, and gigabit optical networks; coordinating the construction of computing infrastructure and IoT sensing facilities; and encouraging qualified cities to pilot data infrastructure construction. The document also promotes the upgrading and digital transformation of traditional infrastructure and the construction of underground integrated pipe corridors according to local conditions. Furthermore, it accelerates the construction of a modern water network to enhance flood disaster prevention, water resource allocation, and urban and rural water supply security capabilities. Finally, it promotes the high-quality development of the urban power distribution network.On February 8th, the Fujian Provincial Committee of the Communist Party of China and the Fujian Provincial Peoples Government issued the "Implementation Opinions on Promoting High-Quality Urban Development," which proposes to enhance urban development momentum through city-specific policies. The document calls for promoting the expansion and upgrading of urban industrial parks, adhering to intelligent, green, and integrated development. It emphasizes consolidating and enhancing the pillar industry of manufacturing, and cultivating strategic emerging industry clusters such as optoelectronic information, integrated circuits, and new energy. It also calls for planning and constructing future industries, developing new productive forces according to local conditions. Furthermore, it promotes intelligent construction, cultivates a modern construction industry chain, and accelerates the transformation and upgrading of the construction industry. The document also encourages the active development of first-of-its-kind, silver-haired, low-altitude, cultural tourism, and marine economies, fostering new consumption scenarios and new business models. It supports Xiamen in carrying out pilot work for the construction of an internationalized consumption environment and accelerates the creation of distinctive cultural blocks, nighttime cultural and tourism consumption clusters, tourism and leisure blocks, and intangible cultural heritage characteristic blocks.

USD/CAD Bears are nearing multi-month support close to $1.3470

Alina Haynes

Mar 31, 2023 11:49

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USD/CAD sellers eye 1.3520-25 after falling to the lowest levels since February 22 as markets become volatile on Friday ahead of the release of crucial US inflation data. As a result, during the five-day losing sequence, the Loonie duo demonstrates modest losses.

 

However, the successful break below the 50-day moving average and the bearish MACD signals maintain optimism among sellers. The absence of a fatigued RSI (14) line strengthens the bearish bias.

 

Notably, a rising support line from early June 2022, which was near 1.3475 at the time of publication, appears to be a formidable obstacle for USD/CAD bears to surmount. In addition to emphasizing the significance of the 1.3475 level, the decline of the RSI below the 50 level suggests that purchasing near the key support line is likely.

 

The 200-day moving average and an ascending trend line from mid-November 2022 near 1.3375 and 1.3295 could challenge the bears if the Loonie pair breaches the 1.3475 support level.

 

To convince short-term USD/CAD investors, recovery advances require confirmation from the 50-day simple moving average (SMA) resistance of 1.3545.

 

However, the mid-month low around 1.3650-55 and December 2022 highs around 1.3705 can challenge the Loonie pair's further ascent before underscoring the previous yearly high of 1.3977.