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July 5th - George Gonsalves, head of U.S. macro strategy at Mitsubishi UFJ Securities Americas, said that Warshs concise style makes the June meeting minutes more significant than usual, providing a valuable perspective on the differing positions among Federal Reserve officials. "The minutes will become even more important because, until now, we didnt know what the Fed was thinking," Gonsalves said. "It will be very enlightening to see how they debated and what they focused on." He added that some investors have questioned Warshs "hands-off" approach, and many want greater transparency. Many market participants are not used to reduced information and remain quite skeptical about how long the Fed can maintain this stance. Now we can only try to decipher the meaning between the lines.On July 5th, local time, Russian Presidential Press Secretary Dmitry Peskov stated in a broadcast that Ukrainian armed forces have intensified their attacks on Russian infrastructure due to the deteriorating situation on the front lines. The Russian military is establishing a secure buffer zone along the border, and concrete results are already visible. He also stated that Russian troops are steadily advancing according to plan in special military operations areas. Peskov stated that the EUs transformation into a military-political bloc has further exacerbated the Ukraine issue. Russia hopes the EU will not undermine the prospects for peace negotiations. Peskov also stated that Russia remains open to peace negotiations and looks forward to the US playing a mediating role. Russia has always welcomed visits from US Presidential Envoy Witkov and Trumps son-in-law Jared Kushner. Even with their extended absence, Russia continues to maintain contact with the US through existing channels.July 5 - According to sources from the Yemeni military and medical departments, Houthi rebels launched an attack on Hodeidah province on the Red Sea coast on July 4, killing at least 14 Yemeni government soldiers and injuring several others.According to the Islamic Republic News Agency (IRNA), the Iranian International Maritime Bureau stated that maritime trade between Qatars Ruves port and Iranian ports has resumed.Iraqi Oil Minister: Crude oil production at the Sinbad oil field will reach 80,000 to 100,000 barrels per day, with associated gas production increasing by approximately 260 million standard cubic feet per day.

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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