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On April 24, Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), met with a delegation led by Rafael Nados, CEO of the African Union Development Agency, in Beijing. They exchanged views on topics such as promoting Chinas zero-tariff policy on 100% of products from 53 African countries with which it has diplomatic relations, better benefiting enterprises from both sides, promoting exchanges between Chinese and African business communities, and strengthening cooperation in industrial and supply chains.Futures News, April 24th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 187,438 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 5,160 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 134,350 tons, unchanged from the previous trading day. The previous trading day saw no change; 6. Petroleum asphalt futures warehouse receipts totaled 31,510 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts totaled 43,170 tons, a decrease of 2,130 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts totaled 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts totaled 8,170 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts totaled 0 tons, unchanged from the previous trading day.On April 24th, it was learned from the Ministry of Public Security that since 2025, public security organs nationwide have been deepening special operations such as "Kunlun" and "Anxin," cracking down on various infringement and counterfeiting crimes according to law. A total of 31,000 cases of intellectual property infringement and the production and sale of counterfeit and shoddy goods have been investigated and prosecuted. It is understood that in their work, public security organs across the country have relied on a new policing operation model of "professionalism + mechanism + big data" to combat intellectual property infringement crimes across the entire chain and comprehensively build a collaborative protection framework. They have also been fully committed to safeguarding innovative development, proactively addressing the development needs of high-tech enterprises, cracking down on crimes infringing on trade secrets according to law, investigating more than 140 criminal cases, promptly eliminating risks and hidden dangers, and effectively safeguarding the core competitiveness of enterprises.The German DAX 30 index opened 13.32 points higher, or 0.06%, at 24,194.00 on Friday, April 24th; the UK FTSE 100 index opened 55.20 points lower, or 0.53%, at 10,401.81; and the French CAC 40 index opened 54.00 points lower, or 0.66%, at 8,173.32. (European...) The Stoxx 50 index opened down 22.13 points, or 0.38%, at 5872.60 on Friday, April 24; the Spanish IBEX 35 index opened down 147.59 points, or 0.83%, at 17738.31 on Friday, April 24; and the Italian FTSE MIB index opened down 334.91 points, or 0.70%, at 47572.50 on Friday, April 24.According to Futures News on April 24, as of 15:00 Beijing time, spot platinum fell 1.61% and spot palladium fell 0.93%.

USD/CAD Bears Anticipate Additional Losses Towards $1.34

Alina Haynes

Apr 13, 2023 14:22

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Following a three-day losing trend, the USD/CAD continues to trade near the weekly low around 1.3440 in the early hours of Thursday.

 

In doing so, the Loonie pair justifies yesterday's pullback from the 61.8% Fibonacci retracement of the February-March uptrend, as well as yesterday's retreat from the 100-bar Exponential Moving Average (EMA), in conjunction with negative MACD signals.

 

Notably, the RSI (14) line is approaching the oversold region, indicating the USD/CAD exchange rate has limited downside potential.

 

Consequently, a horizontal area containing multiple lows marked since March 3 around 1.3400 becomes the most crucial support for pair traders to track. In addition, the 78.6% Fibonacci retracement level encircling 1.3390 provides immediate support.

 

A irregular decline towards February's low of 1.3262 cannot be ruled out if the USD/CAD defies RSI conditions and descends below 1.3390.

 

In contrast, the 61.8% Fibonacci retracement level around 1.3490, also known as the golden Fibonacci ratio, restricts immediate USD/CAD recovery movements prior to the 1.3535 100-exponential moving average (EMA) barrier.

 

If the USD/CAD exchange rate remains firmer than 1.3535, a convergence of the 200-exponential moving average (EMA) and 50% Fibonacci retracement around 1.3565 will pose a formidable obstacle for buyers.

 

At the time of publication, USD/CAD investors should remain cautious unless they observe a clear break above the previous support line from early February, which was near 1.3670.