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March 29th - U.S. employment is likely to rebound in March after one of the largest job losses since the pandemic began. Economists estimate that 60,000 jobs were added this month after a loss of 92,000. The unemployment rate is expected to remain at 4.4%. Employment has not increased for several months since May of last year, indicating a lack of significant hiring momentum in the labor market, but without any worrying signs of deterioration. Against this backdrop of limited job opportunities, renewed concerns about inflation due to the war in the Middle East, fueled by soaring gasoline prices, have fueled fears among Americans. Economists point out that Marchs job growth is expected to rebound after disappointing February employment data—in which construction and leisure and hospitality jobs may have declined due to weather conditions. Employment in the healthcare sector may also increase as more than 30,000 Kaiser Permanente employees ended their strike.March 29th - According to Nikkei, U.S. electric vehicle manufacturer Tesla (TSLA.O) plans to double the number of its directly operated service outlets in Japan this year, reaching over 30, in an effort to improve after-sales service and expand market share. Tesla currently operates 14 service centers across the country, primarily located in major cities. These centers are equipped with facilities for vehicle inspection, maintenance, and repair, including bodywork. Many new service centers will be located near Tesla dealerships. The company will utilize existing spaces previously used as repair shops to rapidly expand its service network at a lower cost. In areas without directly operated service centers, Tesla partners with local auto repair shops to provide customers with over 50 vehicle maintenance service points.March 29th - According to the Wall Street Journal, hundreds of thousands of protesters may take to the streets on Saturday for nationwide "No Kings" rallies to protest President Trump. Organizers say Trump governs the country more like a king than a president. This Saturdays protest is the third "No Kings" rally in less than a year, amid controversy surrounding the actions of U.S. Immigration and Customs Enforcement (ICE) and debate over the deployment of federal troops to cities across the country. Organizers said this week that the U.S. involvement in the Iran war is another factor driving the protesters to the streets. Videos circulating on social media show protesters gathering on a beach in San Francisco, California, forming signs that read "Trump must step down immediately!"The UAE Ministry of Defense announced that it has activated its air defense system in response to missile and drone attacks from Iran.On March 29, the German Federal Government approved the "2026 Climate Protection Plan," allocating an additional €8 billion over the next four years to promote the achievement of 2030 emissions reduction targets through measures such as expanding wind power capacity and increasing subsidies for new energy vehicles. The German Ministry of the Environment stated that these measures could reduce carbon dioxide emissions by over 25 million tons by 2030, and reduce natural gas consumption by nearly 7 billion cubic meters and gasoline consumption by approximately 4 billion liters. German Environment Minister Carsten Schneider stated that this climate protection plan will inject "new momentum" into climate action and help reduce Germanys dependence on high-cost, unreliable oil and gas imports.

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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