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United States and Canada: narrow amplitude oscillation
2022-06-30
1146
Fundamental analysis:
USD / CAD remained volatile around 1.28904, and the latest EIA crude oil inventory data highlighted the market tension. If the reduction of strategic oil reserves (SPR) is included, the total crude oil inventory is reduced by 9.7 million barrels. At present, the national inventory is at the lowest level since 2004.
USD Canadian dollar USDCAD - 4-hour K-line chart display:
Technical analysis:
According to the 4-hour chart, the power of high short positions continued to fluctuate downward at the nodes in the lower rail section of the Bollinger belt index channel. After the low position was supported, it began to reverse, sort out and move up. The Bollinger belt index continued to show a closing trend. The MACD index remained weak in the short position and moved up, and the RSI index remained in the short position and moved up to the 50 equilibrium line;
Multi empty turning point: 1.28782
Pressing position: 1.29274, 1.029595
Support position: 1.28471, 1.278100
Trading strategy: bullish above 1.28782, target 1.29274, 1.029595
Alternative strategy: bearish below 1.28782, target 1.28471, 1.278100
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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