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On March 15, Iranian Foreign Minister Araqchi spoke by phone with French Foreign Minister Barrow on the evening of March 14 local time. The two exchanged views on the current US-Israeli military action against Iran and the regional situation. Araqchi pointed out that the provocative actions of the United States and Israel are the root cause of insecurity in the region and the Strait of Hormuz, and strongly condemned the aggressive attacks on Iranian military facilities. He emphasized that Irans defensive actions are only aimed at the military targets of the aggressors, not at regional countries. At the same time, Araqchi stated that the core of the instability in the entire region, including the situation in Lebanon, lies in Israels hegemonic expansion. He called on the international community to adopt a responsible attitude to prevent the conflict from escalating further.Iraqi Oil Ministry: The Kurdish Regional Ministry of Natural Resources is currently refusing to resume oil exports.Israeli Foreign Minister: We share the same determination with the United States to continue the fight against Iran until our objectives are achieved.March 15th - Most Gulf stock markets fell slightly on Sunday. Saudi Arabias benchmark index fell as much as 0.8%, with Rajhi Bank down 0.9% and Saudi National Bank, Saudi Arabias largest lender, down 1.9%; the Qatar index fell 0.5%, with Qatar National Bank, the regions largest lender by assets, down 1.3%; Bahrains benchmark index fell 0.3%; and Omans benchmark index fell 0.4%. The conflict between the US, Israel, and Iran has now entered its third week, with US President Trump threatening further strikes against Irans Kharg Island oil export hub, while Iran has vowed to retaliate. Furthermore, three sources familiar with the situation said the Trump administration rejected efforts by Middle Eastern allies to initiate diplomatic negotiations aimed at ending the war between the US, Israel, and Iran. Trump also called on allies to deploy warships to help secure the Strait of Hormuz, crucial to global energy supplies.March 15 (Xinhua) -- Iranian Foreign Minister Araqchi stated that the end of the war depends on two conditions: ensuring that the war will not be repeated and paying reparations. Araqchi also said that Iran welcomes any regional initiatives that can justly end the war. The Strait of Hormuz is open to everyone, except for ships of the United States and its allies.

USD/CAD Price Analysis: Loonie Bulls Strengthen as Ascending Triangle Collapses to the Bottom, 1.2400 Targeted

Drake Hampton

Apr 21, 2022 09:37

Since April 14, the USD/CAD pair has had a steep decline following repeated failed efforts to reach a price over 1.2647. The asset has fallen below 1.2500 and appears to be headed for further decline given the price movement.

 

On the downside, an explosion of the ascending triangle chart formation undermined the greenback bulls. The chart pattern's horizontal resistance is drawn from the April 14 high of 1.2642, while the ascending trendline is drawn from the April 14 low of 1.2521. After breaching below the ascending triangle, the asset demonstrated a textbook case of selling.

 

A bear cross of the asset's 20- and 200-period Exponential Moving Averages (EMAs) at 1.2596 sparked a sharp sell-off.

 

The Relative Strength Index (RSI) (14) is swinging in a negative range of 20.00-40.00, indicating that a slight drop is possible as an oversold condition kicks in.

 

Investors should look for a pullback to the 20-EMA at 1.2520, which will provide the best opportunity to sell. After touching the 20-EMA, the asset will be dragged towards March's low of 1.2430, followed by round-level support at 1.2400.

 

On the other hand, bulls of the greenback may reassert control if the asset surpasses Friday's low of 1.2590, which would push the pair toward April 14 and April's highs of 1.2642 and 1.2676, respectively.

USD/CAD Hourly Chart

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