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February 8th - Iranian President Peskov stated on February 8th local time that the talks between Iran and the United States, facilitated by friendly countries in the region, were a step forward. Dialogue has always been a strategic choice for resolving issues peacefully. Iran and the United States held indirect talks on February 6th in Muscat, the capital of Oman. US President Trump stated on February 6th that the United States would resume negotiations with Iran earlier next week. He reiterated that Iran cannot possess nuclear weapons.February 8th - According to data from the Comprehensive Transportation Spring Festival Travel Task Force, on February 7th, 2026 (the 6th day of the Spring Festival travel rush), the total number of cross-regional passenger flows in the whole society reached 222.51 million, an increase of 5.3% compared with the previous day and an increase of 3.9% compared with the same period in 2025.February 8th - Australias two main opposition parties, the Liberal Party and the National Party, have reinstated their long-standing coalition after a split over a new anti-hate speech law. According to a joint statement from the leaders of both parties, the coalition officially resumed on Sunday. The coalition has held nearly two-thirds of the seats in power since World War II, but suffered a crushing defeat in last years election, leaving it with less than a third of the seats in the lower house of parliament. The partnership between the two center-right parties collapsed last month following the Bondi Beach terrorist attack and the subsequent Labor governments crackdown on hate speech.February 8th - The China Earthquake Networks Center officially measured a 3.8-magnitude earthquake in Luding County, Ganzi Prefecture, Sichuan Province at 14:06 on February 8th, with a focal depth of 10 kilometers. According to the Luding County Publicity Department, the earthquake was felt in the area. The Luding County Emergency Management Bureau is currently assessing the situation, and there are no reports of casualties or property damage so far.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.0 occurred near Luding County, Ganzi Prefecture, Sichuan Province at 14:06 on February 8. The final result is subject to the official rapid report.

USD/CAD declines to 1.3500 on firmer Oil prices, BoC concerns over US inflation, and Fed Minutes

Daniel Rogers

Apr 10, 2023 14:35

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The USD/CAD maintains losses close to 1.3500, shattering a four-day winning trend, as traders brace for key Easter Monday data/events on major bourses. However, the recent decline in the Loonie-U.S. dollar exchange rate may be due to the increase in the price of WTI petroleum oil, Canada's primary export. In contrast to the recent increase in ardent Fed forecasts, the Bank of Canada's (BoC) dovish bias poses a challenge to pair sellers.

 

After increasing for three consecutive weeks, WTI crude oil prices gain 0.61 percent intraday near $80.00. Recent increases in the price of black gold may be due to geopolitical concerns surrounding China and Taiwan. In addition to the supply cut by OPEC+ and the faltering US dollar, the energy benchmark is sustained by the supply cut by OPEC+ and the weakening US dollar.

 

However, the US Dollar Index (DXY) has fallen for three consecutive weeks and is under pressure near 102,000.

 

Fears of higher Fed rates versus inaction from the Bank of Canada (BoC) grew after the upbeat US Jobs report versus the lack of significant positives in the March Canadian jobs report.

 

As a result, the CME's FedWatch Tool indicates a 69% chance of a 0.25 basis point rate hike in May, up from 55% prior to the US employment report.

 

Canada's headline Net Change in Employment increased to 34.7K in March from 21.8K in February, compared to the market consensus of 12K, while the Unemployment Rate came in at 5% versus the analysts' estimate of 5.0%. During the specified month, the Participation Rate decreased to 65.6% from the expected and previous rate of 65.7%. In addition, the average hourly wage fell 5.2% year-over-year in March, down from 5.5% in February.

 

In contrast, the US Bureau of Labor Statistics (BLS) reported that Nonfarm Payrolls (NFP) increased by 236K in March, the lowest increase since January 2021 (considering revisions), compared to the expected 240K and the previous 330,000. Additionally, the unemployment rate fell from 3.6% to 3.5%, while the labor force participation rate rose from 62.6% to 62.6%. The annual wage inflation rate decreased from 4.6% to 4.2%, below market expectations of 4.3%.

 

Futures on US equities ended higher, but yields remain under pressure ahead of the crucial BoC monetary policy meeting, US inflation, and Fed Minutes. Given the dovish concerns from the Bank of Canada (BoC) and the likely hawkish comments in the FOMC Minutes, the USD/CAD may see additional gains, barring any unexpected developments.


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