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US releases reserves again, USD/CAD remains strong
2022-06-15
67504
Fundamental analysis:
The U.S. Department of Energy also announced that it would sell 45 million barrels of crude oil from the Strategic Petroleum Reserve, which will be the fourth round of releases. OPEC maintains its 2022 forecast that world oil demand will exceed pre-pandemic levels, but says Russia's invasion of Ukraine and developments around the coronavirus pose considerable risks
USD/CAD daily chart:
Technical analysis: The short-term moving average of the daily chart has turned its head, the exchange rate has accelerated upwards, the MACD is running below the 0-axis but the volume can shrink rapidly, and the RSI has strengthened rapidly. It is expected that the short-term exchange rate will likely rise further.
Long-short turning point: 1.2750
Resistance: 1.2890 1.3030
Support level: 1.2630 1.2480
Trading strategy: above 1.2750, bullish, target price is 1.2890, 1.3030
Alternative strategy: below 1.2750, bearish, target price is 1.2630, 1.2480
The above analysis is a personal opinion 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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