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According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending June 8, total refined product inventories at the port of Fujairah were 5.377 million barrels, an increase of 165,000 barrels from the previous week. Specifically, light distillate inventories decreased by 205,000 barrels to 2.057 million barrels; middle distillate inventories increased by 40,000 barrels to 1.268 million barrels; and heavy residual fuel oil inventories increased by 330,000 barrels to 2.052 million barrels.June 10th Futures News: On June 10th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 235,809 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 34,160 tons. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 96,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.On June 10, residents of Mississippi filed a lawsuit against SpaceX, Elon Musks SpaceX company, and its newly merged subsidiary xAI, alleging that a power plant operated by the defendants to supply data centers is emitting persistent noise pollution that is causing significant disturbance to residents. Court documents released on June 9 show that three groups of Mississippi residents, representing more than 10,000 people, filed a class-action lawsuit in a federal court in the state, accusing the two companies of failing to take measures to curb the excessive noise pollution from the power plant, causing not only emotional distress but also financial losses such as property depreciation, and demanding compensation from the companies.National Highway Traffic Safety Administration: Honda recalls some vehicles in the United States.On Wednesday, June 10th, the German DAX 30 index opened 86.27 points higher, or 0.35%, at 24,504.34; the UK FTSE 100 index opened 22.72 points higher, or 0.22%, at 10,250.05; and the French CAC 40 index opened 15.23 points higher, or 0.19%, at 8,218.66. (European...) The Stoxx 50 index opened 14.01 points higher, or 0.23%, at 6063.75 on Wednesday, June 10; the Spanish IBEX 35 index opened 74.05 points higher, or 0.41%, at 18260.75 on Wednesday, June 10; and the Italian FTSE MIB index opened 238.74 points higher, or 0.47%, at 50501.50 on Wednesday, June 10.

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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