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July 15th - According to Zhengzhou Customs, Henan Provinces total import and export volume exceeded 500 billion yuan for the first time in history during the first half of this year. In the first half of the year, Henans total import and export volume reached 520.36 billion yuan, a year-on-year increase of 26%. Exports totaled 319.48 billion yuan, up 14.6%; imports totaled 200.88 billion yuan, up 49.8%. This also marks the first time in history that Henans import volume has exceeded 200 billion yuan for the same period.July 15th, Futures News: Recent escalation of geopolitical tensions has restricted navigation across the Taiwan Strait, increasing market concerns about supply prospects and driving up international crude oil prices. The corresponding crude oil change rate is fluctuating upwards, and the current window for retail price adjustments for refined oil products has opened, providing a positive outlook. Currently, domestic wholesale prices for gasoline and diesel are rebounding, with some regions experiencing significant price increases. Some suppliers and traders are holding back sales or controlling supply, further fueling market upward pressure. In the short term, the increase in wholesale prices may exceed the adjustment in retail prices, potentially narrowing the wholesale-retail price gap. Furthermore, limited actual demand from end-users suggests a rise in risk appetite for purchasing at higher prices.Japanese Prime Minister Sanae Takaichi: Food inflation has cooled slightly, but remains high.July 15th - The market widely expects the Bank of Korea to raise interest rates by 25 basis points on Thursday, and the focus has now shifted to signals of further tightening following this rate hike. KB Financial Group analyst Lim Jae-kyun stated that the Bank of Korea may raise rates twice this year, but the probability of another rate hike in October is higher than consecutive hikes in July and August. Hanwha Investment & Securities analyst Kim Sung-soo indicated that this Monetary Policy Committee meeting is likely to have an overall hawkish tone, with key points including whether economic growth forecasts are revised upwards and the wording regarding the pace of further rate hikes. In contrast, NH Investment & Securities analyst Kang Seung-won predicts that the Bank of Korea may not provide a specific timetable for further rate hikes to avoid the side effects of forward guidance.Japanese Prime Minister Sanae Takaichi: I see this as an opportunity to establish a system where the consumption tax rate can be flexibly adjusted.

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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