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USDCAD: bears begin to take advantage
2022-08-01
1420
Fundamental analysis:
Rising oil prices were also positive for the Canadian dollar, as a report that lower U.S. inventories and a Russian cut to European gas supplies offset concerns about weaker demand and a rate hike by the Federal Reserve. Oil is Canada's main export, with about 75 percent of Canada's exports, including oil, going to the United States.
USD/CAD USDCAD daily chart:
A brief technical analysis:
From the daily chart: the exchange rate breaks through the long-short turning area and gradually declines. MACD is below the 0 axis and the volume can be slightly increased. The RSI continues to weaken. It is expected that the short-term exchange rate will likely fall further.
Long-short turning point: 1.2850
Resistance: 1.3030 1.3200
Support level: 1.2650 1.2450
Trading strategy: bearish below 1.2850, target price at 1.2650, 1.2450
Alternative strategy: bullish above 1.2850, target price at 1.3030, 1.3200
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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