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July 19th - According to NewsNation: US President Trump reiterated that Iran "cannot and should not have nuclear weapons." After Iran announced a suspension of its commitments under the interim agreement, Trump stated that he "doesnt care at all."Iranian Foreign Minister Araqchi and Iraqi Foreign Minister Fuad Hussein held a telephone conversation to discuss the situation in the Middle East and bilateral cooperation.U.S. Commerce Secretary Rutnick: The United States has reached a very good agreement on the Gordi Howe International Bridge (the U.S.-Canada transnational bridge). The United States will receive 50% of the net revenue up to 2041 and will have a say in setting tolls.According to the New York Times, U.S. officials said that Iranian attacks on U.S. military bases in Jordan damaged several U.S. helicopters and injured dozens of U.S. personnel.July 19th - According to the Wall Street Journal, the U.S. labor market remains robust according to most key indicators. However, nearly two million Americans have been unable to find work for at least six months. Data from the U.S. Department of Labor shows that in June, the number of long-term unemployed (unemployed for 27 consecutive weeks or more) accounted for 27.3% of the total unemployed, up 4 percentage points from a year ago. This proportion is close to its highest level since the end of 2021. Because the overall unemployment rate remains low, the size of the long-term unemployed population is not yet sufficient to cause a substantial shock to the economy. However, analysts say its ripple effects are accumulating. Preston Mooy, senior economist at Employ America, said, "We havent seen large-scale layoffs in the past few years, so the number of short-term unemployed has remained relatively stable. But at the same time, hiring activity has seen a fairly significant decline." Even if some long-term unemployed people find new jobs, the weak hiring environment means more people are constantly joining the long-term unemployed group, keeping this number consistently high.

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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