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On June 11th, iCapital analyst Guillermo Santos Aramburo stated in a report that the European Central Banks expected 25 basis point rate hike on Thursday is more of a symbolic move than a substantive one, aimed at maintaining its credibility in combating inflation. The partner stated, "Unless the market interprets it as the beginning of a series of rate hikes (and potentially larger ones), this hike will have limited impact on the market, but such an interpretation is unlikely." He pointed out that in this context, floating-rate fixed-income investments will benefit from these rate hikes.German Defense Minister: If Europe has a gap in deep strike capability, we will try to fill it.A senior NATO military official said: “What we see in Ukraine and the Middle East is that everything hinges on data—whoever controls the data can use the means of warfare more effectively.”Chow Tai Fook (01929.HK): The companys retail sales increased by 14.7% year-on-year from April 1 to May 31.June 11th Futures News: The following are the warehouse receipts and changes for various commodities traded on the Shanghai Futures Exchange: 1. International copper futures warehouse receipts: 13,133 tons, unchanged from the previous trading day; 2. Alumina futures warehouse receipts: 413,053 tons, a decrease of 2,994 tons from the previous trading day; 3. Aluminum futures warehouse receipts: 487,290 tons, a decrease of 1,197 tons from the previous trading day; 4. Copper futures warehouse receipts: 97,391 tons, an increase of 1,304 tons from the previous trading day; 5. Rebar warehouse futures warehouse receipts: 35,153 tons, unchanged from the previous trading day; 6. Stainless steel warehouse futures warehouse receipts: 93,479 tons, an increase of 144 tons from the previous trading day; 7. Fuel oil futures warehouse receipts: 31,160 tons, a decrease of 3,000 tons from the previous trading day; 8. Nickel futures warehouse receipts: 93,100 tons, an increase of 1,968 tons from the previous trading day; 9. Silver futures warehouse receipts: 895,265 kg, down 21,115 kg from the previous trading day; 10. Petroleum asphalt plant warehouse futures warehouse receipts: 96,220 tons, unchanged from the previous trading day; 11. Petroleum asphalt warehouse futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 12. TSR20 rubber futures warehouse receipts: 27,721 tons, unchanged from the previous trading day; 13. Natural rubber futures warehouse receipts: 150,830 tons, unchanged from the previous trading day; 14. Hot-rolled coil futures warehouse receipts: 424,497 tons, down 5,366 tons from the previous trading day; 15. Pulp warehouse futures warehouse receipts: 235,809 tons, unchanged from the previous trading day; 16. Pulp mill warehouse futures warehouse receipts: 20,000 tons, unchanged from the previous trading day; 17. Lead futures warehouse receipts totaled 58,612 tons, an increase of 399 tons from the previous trading day; 18. Low-sulfur fuel oil warehouse receipts were 0 tons, unchanged from the previous trading day; 19. Medium-sulfur crude oil futures warehouse receipts totaled 2,961,000 barrels, unchanged from the previous trading day; 20. Butadiene rubber futures warehouse receipts totaled 28,510 tons, a decrease of 210 tons from the previous trading day; 21. Tin futures warehouse receipts totaled 10,128 tons, a decrease of 536 tons from the previous trading day; 22. Zinc futures warehouse receipts totaled 117,058 tons, an increase of 4,379 tons from the previous trading day; 23. Gold futures warehouse receipts totaled 111,663 kilograms, unchanged from the previous trading 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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