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The China Earthquake Networks Center officially reported that a magnitude 2.6 earthquake occurred at 16:39 on September 8 in Luanzhou City, Tangshan City, Hebei Province (39.63 degrees north latitude, 118.50 degrees east longitude), with a focal depth of 11 kilometers.Kremlin spokesman: Russia is willing to resolve the war in Ukraine peacefully.Ukrainian President Volodymyr Zelenskyy: I hope to meet with US President Donald Trump later in September. I plan to discuss winter air defense plans with President Trump.On September 8th, the Shanghai Futures Exchange (SHFE) reported the following warehouse receipts and changes: 1. Fuel oil futures warehouse receipts: 12,320 tons, unchanged from the previous trading day; 2. Alumina futures warehouse receipts: 268,502 tons, an increase of 9,923 tons from the previous trading day; 3. Zinc futures warehouse receipts: 91,597 tons, a decrease of 25 tons from the previous trading day; 4. Butadiene rubber futures warehouse receipts: 24,950 tons, a decrease of 130 tons from the previous trading day; 5. Tin futures warehouse receipts: 5,328 tons, an increase of 208 tons from the previous trading day; 6. Rebar warehouse receipts: 78,146 tons, unchanged from the previous trading day; 7. Gold futures warehouse receipts: 114,858 kg, unchanged from the previous trading day; 8. TSR20 rubber futures warehouse receipts: 12,196 tons, unchanged from the previous trading day; 9. Lead futures warehouse receipts were 57,742 tons, unchanged from the previous trading day; 10. Nickel futures warehouse receipts were 99,179 tons, a decrease of 268 tons from the previous trading day; 11. Aluminum futures warehouse receipts were 217,177 tons, a decrease of 2,697 tons from the previous trading day; 12. Silver futures warehouse receipts were 1,404,909 kg, a decrease of 1,031 kg from the previous trading day; 13. Natural rubber futures warehouse receipts were 143,800 tons, unchanged from the previous trading day; 14. International copper futures warehouse receipts were 7,447 tons, an increase of 26 tons from the previous trading day; 15. Hot-rolled coil futures warehouse receipts were 214,485 tons, unchanged from the previous trading day; 16. Low-sulfur fuel oil warehouse futures warehouse receipts were 5,490 tons, unchanged from the previous trading day; 17. Petroleum asphalt plant warehouse futures warehouse receipts were 17,490 tons, unchanged from the previous trading day; 18. 19. Petroleum asphalt warehouse futures receipts: 2,730 tons, unchanged from the previous trading day; 20. Pulp warehouse futures receipts: 410,974 tons, an increase of 7,338 tons from the previous trading day; 21. Pulp mill warehouse futures receipts: 20,000 tons, unchanged from the previous trading day; 22. Medium-sulfur crude oil futures receipts: 2,961,000 barrels, unchanged from the previous trading day; 23. Stainless steel warehouse futures receipts: 72,326 tons, a decrease of 183 tons from the previous trading day; 24. Copper futures receipts: 21,412 tons, a decrease of 1,903 tons from the previous trading day.September 8th - Despite a weaker dollar, gold prices declined as investors awaited US inflation data for further clues about the Federal Reserves interest rate decision. Naeem Aslam of Zaye Capital Markets stated that gold holding above the $4,400 area indicates that defensive demand remains sufficient to offset pressure from a strong labor market. The market is balancing two forces: strong US economic data supporting interest rate hikes, and geopolitical uncertainty that continues to attract safe-haven demand. Focus now shifts to the US PPI and CPI data to be released later this week.

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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