Conflicting peace narratives ahead of April labor data – North American Mid-Week Market Update

Elior Manier’s mid‑week market update highlights a clear risk‑on shift as easing Middle East tensions and hopes for diplomatic progress send equities and risk assets higher. Tech and cryptocurrencies lead the breakout while the US dollar softens to two‑month lows amid a potential DXY triple‑bottom. West Texas Intermediate crude dropped back below $100 to the mid‑$90s on de‑escalation, lifting resource‑sensitive currencies, though oil has since bounced. USD/CAD is trading near the bottom of its year range (primary instrument 1.36212) and may reverse if it breaks above the 4H 50‑period MA (~1.3632); key supports lie at 1.3550 and 1.35. Traders are positioning ahead of Friday’s US NFP and next week’s CPI/PPI prints and the anticipated Trump‑Xi meeting. Overall bias is bullish for risk assets, with the dollar vulnerable and commodities/energy reacting to geopolitical developments.