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On July 24, Russian Foreign Minister Sergey Lavrov stated that despite the United States change of stance on the "consensus" reached at the August 2025 Alaska summit between the Russian and US leaders, Russia will fulfill its established mission in the special military operation in Ukraine. Lavrov emphasized that Russia expressed its sincerity in reaching an agreement at the Alaska summit, but comments from US Secretary of State Marco Rubio indicated that the US had revised its position. He pointed out that the US had assured Russia that Zelensky would take necessary steps to peacefully resolve the Russia-Ukraine conflict, but this promise has not been fulfilled. Lavrov stated that Russia prefers a diplomatic solution to the conflict, but will fulfill the conditions set by President Putin in June 2024 regardless. He also stressed that Russia has never abandoned the political and diplomatic solution to the Ukraine issue.July 24th - According to tech media Benchlife, NVIDIA (NVDA.O) has notified its motherboard partners of a price increase affecting GDDR6 and GDDR7 memory kits. It is understood that NVIDIA packages GPU chips and VRAM (video memory) chips into kits when selling products to its partners, who are then responsible for installing these chips onto their own designed PCBs (printed circuit boards) to produce custom graphics cards. With the upcoming price increase for GDDR6 and GDDR7 memory kits, it is expected that AIB (Add-in Board) manufacturers will have no choice but to raise their graphics card prices accordingly.The Russian Ministry of Defense stated that over the past night, Russian air defense forces intercepted and destroyed 571 Ukrainian drones over Russian territory, the Sea of Azov, and the Black Sea.The Russian Ministry of Defense stated that Russian forces struck 27 Ukrainian military vessels in the past week.On July 24th, to facilitate the development of supporting regulations for the "Regulations on the Supervision and Management of Non-bank Payment Institutions" and to standardize the management of Category II stored-value account operations, the Peoples Bank of China has drafted the "Administrative Measures for Category II Stored-Value Account Operations." The "Regulations" and their implementing rules redefine payment business classifications, placing prepaid card issuance and acceptance under Category II stored-value account operations and outlining basic business requirements. As a supporting system to the "Regulations," the "Measures" clarify specific rules for Category II stored-value account operations, ensuring the thorough implementation of the "Regulations." With the development of prepaid card business, some new situations have emerged in the market, including both innovative practices that benefit the public and issues of irregularities and risks. Therefore, it is necessary to adapt and improve the regulatory system in light of the development trends and potential risks of prepaid card business, create a favorable policy environment, and promote the healthy and orderly development of the prepaid card industry.

USD/CAD Trades at a Flat Level Following Volatile Trading and Rising US Treasury Yields

Drake Hampton

Apr 06, 2022 10:16

Insights

  • The dollar fell as additional penalties against Russia weighed on the Loonie.

  • Benchmark rates increased as the Federal Reserve pursued a more aggressive rate hike strategy.

  • Due to the new penalties, gold and silver prices remained rather stable.

  • As European countries ponder further measures, oil prices continue to rise.

 

Despite a volatile trading session, the dollar maintained its strength as higher oil prices bolstered the commodity-linked Loonie. The yield on ten-year government bonds increased to 2.56 percent, the highest level since May 2019. Benchmark rates increased several basis points following Fed Governor Brainard's statement that the Fed must pursue a more aggressive stance to contain inflation. Commodity-linked currencies such as the Loonie increased in value as a result of higher oil prices and good economic indicators. New sanctions against Russia continue to benefit silver and gold prices. On the potential of fresh Russian sanctions, oil prices continued to increase. Investors are awaiting the release of the minutes from the most recent FMOC meeting on Wednesday.

 

Today, the US released its February trade balance. Actual balance of -$89.2 billion was lower than predicted at -$88.5 billion. The reading stayed relatively stable compared to the previous month, indicating a record deficiency. Exports increased by 1.8%, while imports jumped by 1.3 percent. In the following months, the Russia-Ukraine war may limit demand for US exports.

Technical Evaluation

The USD/CAD exchange rate remained unchanged following a recovery from the downward pressure caused by increased oil prices, which supported the Loonie. However, losses should be contained as a result of the Fed's more aggressive rate hikes. The pair remains below the key level of 1.25 and may be driven lower as additional penalties against Russia increase. Resistance is located near the 10-day moving average, which is now at 1.25. Near today's lows near 1.24, support is seen. A break below support would reveal the daily low of 1.2387 from November 10th, signaling further downward pressure. The short-term momentum shifted to the upside when the fast stochastic crossed above the buy signal.

 

Although the MACD line generated a crossover sell signal, the medium-term momentum is negative but favorable. When the MACD line (the 12-day moving average minus the 26-day moving average) passes the MACD signal line, this scenario occurs (the 9-day moving average of the MACD line).

 

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