• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Ukrainian President Zelensky: I have arrived in Jordan for an “important meeting”.On March 29th, amidst the global energy crisis and soaring fuel prices, Egyptian Prime Minister Madbouly announced on the 28th a series of energy-saving measures to cope with the impact. Egypt will slow down the implementation of large-scale national projects involving high gasoline and diesel consumption for at least two months, while reducing fuel rations for all government vehicles by 30%. Madbouly also stated that, except for the service and manufacturing sectors, Egypts public and private sectors will implement remote work every Sunday in April, the first working day of each week. Given Egypts heavy reliance on energy imports, the government had previously raised fuel prices and public transportation fares to cope with global energy market volatility.March 29th - According to disclosures by the Hong Kong Stock Exchange, Manycore Tech Inc., a space intelligence unicorn company, updated its post-hearing information set, signifying that the company has successfully passed the Hong Kong Stock Exchanges listing hearing. JPMorgan Chase and CCB International are the joint sponsors for this IPO. If the listing is successfully completed, Manycore Tech will become the "worlds first listed space intelligence company," and also the first of the "Six Little Dragons of Hangzhou" to complete an IPO.March 29th - Starting today (March 29th), many European countries have begun observing daylight saving time, meaning that trading hours in European financial markets will be one hour earlier than during winter time. Specifically, starting next Monday, European stock trading hours will be 15:00-23:30 Beijing time. The release times of economic data from various European countries will also be one hour earlier than during winter time. Please take note.On March 29, Fars News Agency and other Iranian media reported that the Iranian Islamic Revolutionary Guard Corps launched missiles and drones to strike two companies in the Middle East that are linked to the US military and aerospace industry.

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

image.png