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Alibabas Hong Kong-listed shares (09988.HK) fell below HK$100, hitting a new low since April 2025, and are currently down more than 3%.The Hang Seng Tech Index fell by more than 2%, with MINIMAX-W (00100.HK) falling by more than 12% and Zhipu (02513.HK) falling by more than 9%.June 23 - Matthew Lynn, a financial columnist for The Daily Telegraph, stated that the US-Israeli military action against Iran was a perfect storm for the energy market, with experts vying to issue the most extreme oil price predictions. However, disaster did not occur. Oil prices did surge, but in real terms, they didnt even reach record highs. In 2008, oil prices reached $147 per barrel, equivalent to $224 today. Now, no one expects emergency measures to curb energy consumption, nor is anyone worried about interest rates soaring to 13% or unemployment skyrocketing. The era of what could be called a "long-term oil crisis," from 1973 to 2026, has ended. This will have three profound impacts. First, the importance of the Middle East will significantly decrease. Second, inflation will be contained. The US is likely to see prices remain almost unchanged year-on-year for the next decade or even longer. Third, and most importantly, the global economy will become more stable. The importance of oil as a commodity has been diminishing over the years. Of course, oil remains very important, but it will be much harder for it to dominate headlines again. Its era has passed, and the world will become more stable as a result.Hong Kong stocks opened higher but closed lower, with the Hang Seng Index down 1% and the Hang Seng Tech Index down 1.8%.On June 23, according to Qichacha APP, PoKe Shike (Shanghai) Intelligent Technology Co., Ltd. recently underwent industrial and commercial registration changes, adding Xiaomi-affiliated Hanxing Venture Capital Co., Ltd. and Xinghaitu (Beijing) Artificial Intelligence Technology Co., Ltd. as shareholders, while increasing its registered capital to 1.1867 million yuan. Qichacha information shows that the company was established in April 2026, and its business scope includes: development of artificial intelligence application software; research and development of intelligent robots; development of artificial intelligence basic software; and artificial intelligence basic resources and technology platforms.

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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