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Market news: Hyundai Motor Company donates $1 million to Trumps inauguration fund.British Chancellor of the Exchequer Reeves: We will take steps to ensure compliance with fiscal rules; we are committed to preparing a budget every year, which will be published in the autumn.According to the news on January 11, in 2024, Shenzhens total electricity consumption will be 121.49 billion kWh, a year-on-year increase of 7.7%. Among them, industrial electricity consumption, service industry electricity consumption, number of residential electricity users and electricity consumption all showed a significant increase. In 2024, Shenzhens secondary industry electricity consumption will be 57.62 billion kWh, a year-on-year increase of 8.8%; among them, industrial electricity consumption will reach 55.2 billion kWh, a year-on-year increase of 8.9%.Russia says it has taken control of the Shevchenko settlement in Ukraines Donetsk region.On January 11, the 2025 Spring Festival travel plan for the Yangtze River Delta Railway was recently released. It is expected that 97 million passengers will be transported during the 40 days of the Spring Festival travel, with an average daily passenger volume of 2.425 million, a year-on-year increase of 5.1%, setting a record high. The Yangtze River Delta Railway Department plans to add 398.5 pairs of passenger trains on the basis of using the peak operation diagram. During the peak period, the maximum number of passenger trains will exceed 1,700 pairs per day to actively respond to the large passenger flow during the Spring Festival travel.

USD/CAD Approaches Exhaustion at 1.2830 as Oil Rebounds; BOC's Macklem Comes Under Fire

Alina Haynes

Apr 27, 2022 09:59

The USD/CAD pair is showing symptoms of weariness following a mammoth rally from last week's low of 1.2458. The asset has been climbing upward as safe-haven assets have been bolstered by negative market sentiment. While exhaustion signals at monthly highs of 1.2830 may be associated with a more robust recovery in oil prices.

 

China's pledge to strengthen its economy through conservative monetary policy has given oil prices a boost. Increased liquidity in the economy to boost demand will restore normalcy to oil requirements. The price of oil has recaptured the $100.00 level. The black gold was underperforming as the Covid-19 pandemic spread from Shanghai to Beijing, reigniting fears of a slide in China's aggregate demand. Additionally, the Beijing mass testing was used to call for severe lockdown measures.

 

It's worth mentioning that China is the world's largest oil importer, and any concerns about the dragon economy's oil demand might have a significant impact on oil prices. Additionally, Canada is the largest oil exporter to the United States, and rising oil prices result in increased capital inflows into the loonie area.

 

Investors' attention will now turn to Tuesday's speech by Bank of Canada (BOC) Governor Tiff Macklem. Additionally, the US Gross Domestic Product (GDP) number for the third quarter will be released on the same day, and is predicted to decline to 7.2 percent.

USD/CAD

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