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On May 9th, Tesla announced a recall of 173 Cybertruck vehicles due to a structural defect in the braking components that could pose a serious safety risk. According to a notification from the National Highway Traffic Safety Administration (NHTSA), the recall covers 2024-2026 Cybertruck models equipped with 18-inch steel wheels. The defect involves brake disc stud holes that are susceptible to mechanical stress and cracking when the vehicle is driven on bumpy roads or during steering maneuvers. With continued vehicle operation, this potential hazard could cause the wheel bolts to eventually break or detach, resulting in a loss of vehicle stability and significantly increasing the risk of collision and injury.On May 9th, Zheng Shanjie, Director of the National Development and Reform Commission, visited the Shanghai Artificial Intelligence Laboratory to conduct a special investigation on the development of artificial intelligence. Zheng stated that the technology and industry of artificial intelligence are currently advancing rapidly, and work must be carried out with a stronger sense of responsibility and mission. First, it is necessary to strengthen overall planning and top-level design, leverage the advantages of national strategic scientific and technological forces such as national laboratories, strengthen basic research in artificial intelligence, enhance original innovation capabilities, promote breakthroughs in key core technologies across the entire chain, and proactively plan for cutting-edge exploration. Second, it is necessary to implement the "AI+" action plan according to local conditions, increase the openness of scientific and intelligent scenarios, collaboratively build national pilot-scale bases for AI applications in the scientific field, and accelerate the application of AI in scientific discovery. Third, it is necessary to coordinate development and security, strengthen the construction of AI security capabilities, explore governance models and mechanism innovations, and ensure the healthy and orderly development of artificial intelligence.Conflict Status: 1. Ukraine attacks major Russian oil refineries and transportation facilities. 2. The Russian Ministry of Defense claims to have shot down over 200 Ukrainian drones. 3. Kremlin: Ukraine continues to attack civilian infrastructure. 4. Russian Ministry of Transport: 13 airports in southern Russia have suspended operations due to drone attacks. 5. Zelensky: Kyiv forces have launched an attack on Russian oil facilities in Yaroslavl, approximately 700 kilometers away, which are crucial for funding Russia. Peace Negotiations: 1. Zelensky: Ukraine and the United States are coordinating the schedule for a US special envoys visit to Ukraine in the spring/summer. 2. Trump announced a three-day ceasefire between Russia and Ukraine starting on the 9th, along with the exchange of 1,000 prisoners of war. 3. Russia agrees to Trumps proposed ceasefire and prisoner exchange plan. 4. Zelensky: Ukraine will not attack the Red Square parade. 5. Trump: The ceasefire between Russia and Ukraine may last more than three days. Other Situations: 1. A large fire breaks out in the Chernobyl nuclear exclusion zone. 2. Russian Ministry of Defense: Ukraine violates the ceasefire agreement. 1. Russian troops retaliated against Ukrainian attacks. 2. Zelensky: Russian troops attacked Ukrainian positions Friday night, showing no intention of a ceasefire. 3. Russian Presidential Press Secretary: Russia will not initiate dialogue with the EU. 4. Rubio: If there is no further progress in Russia-Ukraine negotiations, the US is unwilling to "waste time." 5. The Ukrainian Foreign Minister stated that Ukraine is considering sending a team of experts to assist the Baltic states in their air defense efforts.On May 9th, the 130,000th China-Europe freight train, X8037, departed from Zhengzhou Putian Station for Hamburg, Germany, with an estimated journey time of approximately 16 days. Currently, 129 cities in China operate China-Europe freight train services, connecting 235 cities in 26 European countries and over 100 cities in 11 Asian countries, essentially covering the entire Eurasian region. In the first four months of this year, the China-Europe freight train network continued to expand, transportation efficiency improved, and logistics services were upgraded, with a total of 219 trains operated, representing a year-on-year increase of 55%.On May 9th, New Zealands Resources Minister Shane Jones told the media that New Zealand is considering establishing a physical national fuel reserve overseas, and is currently comparing several options, including Malaysia, Singapore, and South Korea. AFP quoted Jones on May 8th as saying that New Zealand is currently facing a "fuel dilemma," and government officials are discussing where to locate a physical national fuel reserve overseas. In a previous Bloomberg report, Jones stated that New Zealands domestic oil storage capacity is insufficient, "but we have several (overseas storage) options."

USD/CAD Price Analysis: Bulls Target Annual High at 1.2965

Alina Haynes

May 09, 2022 10:23

During Monday's Asian session, USD/CAD extends the previous week's bounce from 1.2813 by rising to a new high of 2022. In spite of this, the Loonie pair is up 0.20 percent at 1.2931 as of press time.

 

A successful breach of the horizontal area including numerous tops marked since September 2021, about 1.2895, gives USD/CAD buyers reason to be optimistic. The lack of overbought RSI readings further supports the rising momentum.

 

Consequently, the most recent run-up has additional capacity to the north before hitting a speed-breaker, which is the December 2021 high at 1.2965.

 

The USD/CAD bulls will be encouraged by a rising trend line from August 2021, near 1.2985, which will precede the psychological level of 1.3000.

 

In the meanwhile, pullbacks may initially target the previous horizontal resistance, which is now support around 1.2895, prior to testing the upwardly sloping support line from April 21 near 1.2760.

 

Even if the USD/CAD price falls below 1.2760, bears can wait for a clear break below the 100-day moving average (DMA) at 1.2682 to gain conviction.

USD/CAD

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