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Ukrainian President Volodymyr Zelenskyy announced that he has appointed former Ukrainian Ambassador to the United States, Irina Markarova, as his advisor on reconstruction and investment.On November 30th, Canadian Solar announced that it plans to adjust its US market business by establishing two new joint ventures, M and N, with its controlling shareholder, Canadian Solar Inc. (CSIQ). CSI will hold 24.9% of the shares, and CSIQ will hold 75.1%. Company M will focus on the US photovoltaic business, while Company N will focus on the US energy storage business. Simultaneously, the company plans to restructure its US manufacturing plant, with CSIQ holding 75.1% and CSI holding 24.9%, to obtain a one-time equity transfer consideration and subsequent ongoing equity gains from the 24.9% stake in the US business. This transaction and the waiver of commitments have been approved by the board of directors and are subject to shareholder approval.On November 30th, Baili Tianheng announced that its wholly-owned subsidiary, SystImmune, recently received a $250 million milestone payment from BMS. According to the cooperation agreement, the company is also eligible for up to $250 million in near-term contingent payments, as well as additional payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones.On November 30th, Zhuochuang Information announced that it submitted an application to the Hong Kong Stock Exchange on November 28th, 2025, for the issuance of overseas listed shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange. The application materials for this issuance and listing were also published on the Hong Kong Stock Exchange website on the same day. The issuance and listing are subject to approval, authorization, or filing by relevant government agencies, regulatory bodies, and stock exchanges, and will be implemented only after comprehensive consideration of market conditions and other factors. Therefore, the matter remains subject to uncertainty.On November 30th, Japanese Finance Minister Satsuki Katayama stated on Sunday that the recent sharp fluctuations in the foreign exchange market and the rapid depreciation of the yen were clearly not driven by fundamentals. "Our position is to issue a warning about such events," Katayama said. She reiterated that currency intervention is still possible in response to excessive yen volatility and speculative movements. This aligns with the September Japan-US joint statement, which stated that exchange rates should be determined by the market. On Monday, the market will closely watch for comments from Bank of Japan Governor Kazuo Ueda to see if he signals a possible interest rate hike at the Bank of Japans December meeting.

On the back of broad-based USD strength, USD/CAD approaches the mid-1.3700s, approaching a two-week high

Alina Haynes

Nov 03, 2022 18:04

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On Thursday, the USD/CAD pair recovers from an early decline to the 1.3680 zone and enters positive territory for the sixth consecutive trading day. During the beginning of the European session, spot prices achieve a one-and-a-half-week high towards the middle of the 1,3700s and appear poised to extend the recent rally from levels below 1,3500.

 

The underlying bullish sentiment surrounding the US dollar, bolstered by the Federal Reserve's more hawkish stance, appears to be a key factor sustaining the USD/CAD exchange rate. For the fourth consecutive time, the US central bank increased interest rates by 75 basis points to combat persistently rising inflation. In addition, Jerome Powell, the chairman of the Federal Reserve, dashed expectations for a dovish reversal by suggesting that interest rates would need to rise more than anticipated.

 

A further increase in US Treasury bond yields increases the prospect of further Fed policy tightening and continues to act as a tailwind for the currency. In addition, a lessening of risk sentiment provides additional support for the safe-haven dollar. A modest decrease in crude oil prices from their three-week high is anticipated to weaken the Canadian dollar, which is related to commodities prices. This, in turn, increases the chance of a further USD/CAD rise in the near future.

 

Even from a technical standpoint, the overnight spike following the FOMC meeting has pushed spot prices over the barrier zone of 1.3670-1.3685. A subsequent strength and acceptance over the 1.3700 level reinforces the bullish bias and favors bullish traders, indicating that the path of least resistance for the USD/CAD pair is to the upside. In conjunction with US bond yields, the US ISM Services PMI will propel the US usd and add momentum to the primary currency.


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