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The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

USD/CAD Above $1,3000, Bulls are running out of steam, according to a price analysis

Alina Haynes

May 11, 2022 10:13

During Wednesday's Asian session, USD/CAD bulls take a pause around the 18-month high, remaining stable around 1.3030.

 

The current inactivity between the Canadian dollar and the US dollar explores the four-day rise that brought the pair to its best levels since November 2020.

 

Nevertheless, the overbought RSI (14) prevents USD/CAD bulls from surpassing a one-month-old rising trend line resistance, which stands around 1.3045 as of press time.

 

If the quote disregards technicals and rallies past 1.3045, it cannot be ruled out that it will test the mid-November 2020 peak around 1.3175.

 

In the meantime, a one-week-long rising trend line, about 1.3015 at the latest, precedes the psychological magnet at 1.3000 to limit the near-term decline in USD/CAD prices.

 

In the vicinity of 1.2875 and 1.2815, the 50-day simple moving average (SMA) and an upward-sloping trend line from April 21 also serve as significant short-term support.

 

Notably, the 200-day simple moving average (SMA) level surrounding 1.2660 functions as the last line of defense for USD/CAD bulls if the pair descends beyond 1.2815.

USD/CAD

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