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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.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."

USD/CAD Price Analysis: Bears Retrace Their Steps Toward the Sub-1.2700 Zone

Daniel Rogers

May 05, 2022 10:32

USD/CAD bears are licking their post-Fed wounds in the mid-1.2700s, where the pair fell to its lowest level in two weeks during Thursday's Asian session.

 

Although the Loonie pair is caught within a 15-pip trading range around 1.2750 following the recent fall, sellers maintain control as various factors point to more declines.

 

Among these, a clear breach of the previous April 21 support line and a bear cross of the 21-day moving average above the 100-day moving average are critical. Additionally, the recently lowering MACD positive signs and steady RSI favor USD/CAD bears.

 

With that said, the pair's continuing decline towards the 21-DMA, which is expected to be around 1.2690 by press time, becomes inevitable. However, the 100-day moving average of 1.2681 may act as a check on subsequent USD/CAD falls. Additionally, the quote's south-run is anticipated to be tested by early April's peak of 1.2673.

 

Alternatively, the corrective pullback might target the 1.2800 level prior to the mid-March top near 1.2875.

 

It's worth noting, though, that a confluence of the prior support line and a two-month-old horizontal line near 1.2900 appears to be a difficult nut to crack for USD/CAD bulls following that.

USD/CAD: Daily Chart

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