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On September 6th, Greek Prime Minister Kyriakos Mitsotakis announced a €2.2 billion (approximately US$2.56 billion) economic package aimed at alleviating the cost of living crisis in Greece. The measures focus on supporting self-employed individuals, pensioners, farmers, and families with many children, including raising the minimum wage from the current €920 to €1,000 by January 2028. Greek authorities expect to exceed budget targets again in 2026, thus allowing the government to provide subsidies and tax cuts to various groups. The Prime Minister assured that these new measures will not jeopardize Greeces fiscal situation and will comply with EU regulations on budget spending.On September 6th, local time, Russian President Vladimir Putin met with US President Donald Trumps special envoy, Sergei Witkov, and his son-in-law, Jared Kushner, at the Kremlin on the evening of the 5th. He briefed them on the details of the three-day ceasefire agreement reached between Russia and Ukraine, and stated that Russia would strive to ensure the progress of US-Ukraine negotiations and the safety of mediators. Witkov thanked Russia for agreeing to the three-day ceasefire. Putin stated that Russia had received a request through its intelligence and diplomatic departments to cease airstrikes on the Ukrainian capital, Kyiv. "I have issued the corresponding order, and from midnight tonight, (Russian) airstrikes on Kyiv have ceased," Putin said. Putin also noted that Ukraine had significantly reduced its attacks on Russian territory (including Moscow), "by an order of magnitude." Putin also mentioned that Ukraine had proposed a broader three-day ceasefire, which Russia had not agreed to. However, Russia will make every effort to ensure the progress of US-Ukraine negotiations and the safety of mediators.Belgorod Oblast authorities: A Ukrainian drone strike in Russias Belgorod Oblast has killed one person.On September 6, the Iranian Foreign Ministry issued a statement condemning the United States for its attacks on Iranian oil tankers in the Persian Gulf and the Gulf of Oman. The Iranian Foreign Ministry stated that such attacks are part of the ongoing US military action against Iran, including a maritime blockade and economic warfare, which clearly violate Article 2, Paragraph 4 of the UN Charter and pose a clear threat to international peace and the security of commercial shipping. The statement declared Irans determination to defend its sovereignty and national interests and resist US "state terrorism" and acts of aggression, including attacks on commercial shipping. The Iranian Foreign Ministry warned that the consequences of the USs continued aggressive and interventionist actions in the region should be borne by the US and its allies.September 6 (Xinhua) -- Russian President Vladimir Putin said that Kyiv has called for an expanded ceasefire, but Russia has not yet consulted with Ukraine on the matter. "The Ukrainian authorities have called for a broader three-day ceasefire, but we have never reached an agreement with them on this," Putin said during a meeting with U.S. special envoy Witkov and Trumps son-in-law Jared Kushner.

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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