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The supply crisis hit again, and the US dollar accelerated its rise against the Canadian dollar
2022-06-14
972
Fundamental analysis:
US oil rose 0.26 to close at US $120.93 a barrel; During the session, it fell by 2.64%. Earlier, the Libyan oil minister said that last year, the country's average daily oil production was 1.2 million barrels, which has been cut by about 1.1 million barrels. This shows that Libya's daily oil production is only about 100000 barrels. This will further tighten the supply in the global oil market, and the oil price recovered its previous decline and recorded a rise.
USD / CAD daily chart:
Technical analysis: the daily chart moving average is in short position, but the short-term moving average turns around, and the exchange rate accelerates upward. MACD operates under the 0 axis, but the volume can shrink rapidly. RSI is rapidly strengthening, and it is expected that the short-term exchange rate will rise further.
Multi empty turning point: 1.2750
Resistance level: 1.2890 1.3030
Support position: 1.2630 1.2480
Trading strategy: above 1.2750, bullish, with target prices of 1.2890 and 1.3030
Alternative strategy: below 1.2750, bearish, with target prices of 1.2630 and 1.2480
The above analysis is a personal point of view and is for reference only.
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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