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European Commission: Approves €6.1 billion in aid for Ukraines defense.On August 24th, Mark Dowding, Head of Fixed Income at RBC Blue Bay Asset Management, stated that the firm remains optimistic about the performance of inflation-linked bonds and inflation swaps amid continued uncertainty surrounding a Middle East peace agreement. According to LSEG data, the money market has already fully priced in a 25 basis point rate hike by the Federal Reserve in December. Dowding said, “In the Middle East, hopes for a peace agreement continue to diminish, and it looks like we will be in a gray area for an extended period. Trade flows through the Strait of Hormuz remain at only a fraction of pre-war levels.”On August 24, the State Administration for Market Regulation (National Standardization Administration) approved and released the mandatory national standard for "Compressed Natural Gas for Vehicles," which will take effect on August 1, 2027. This standard revision aims to improve product quality, ensure safe use, and promote fair trade. The implementation of this standard will effectively regulate the quality control of compressed natural gas products in my country, promote the high-quality development of the compressed natural gas for vehicles, ensure the normal operation of natural gas vehicles, and continuously improve the safety of public transportation.The commander of the Ukrainian drone force stated that Ukraine shot down a Russian MiG-29 fighter jet and two Russian ships in the Black Sea.European Commission President Ursula von der Leyen: Europe supports Ukraine and we will provide the necessary assistance when it needs it.

USD/CAD Price Analysis: Retracement Moves Seek Confirmation at 1,3000

Alina Haynes

May 13, 2022 10:00

USD/CAD consolidates recent advances while retreating from its highest level since November 2020, reaching a fresh intraday low around 1.3010 during the Asia session on Friday.

 

In doing so, the Loonie pair depicts a pullback from a four-day-old resistance line, which was near 1.3080 at the time of publication.

 

Given that the downward-sloping RSI (14) line is not oversold, the most recent price downturn may continue for a while longer before reaching any important support.

 

However, a junction of the 100-HMA and a one-week-old ascending trend line at 1.2995 is a formidable obstacle for USD/CAD bears.

 

In the event that the price falls below 1.2995, various levels surrounding 1.2920-10, including the high from early May and the 200-hour moving average, will attract pair sellers.

 

In contrast, a decisive breach of the aforementioned short-term resistance line of 1.3080 would require confirmation from the 1.3100 level before going for the peak of 1.3172 in late November 2020.

 

In conclusion, USD/CAD decline is not indicative of a trend reversal until the quotation breaks 1.2920.

The USD/CAD Hourly Graph

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