USDCAD: Breaking the consolidation range, expected to continue to rise

Fundamental analysis:

Sechin, president of Rosneft, said that the United States and other Western countries have imposed sanctions without reason, and the problems they have created have spread to various fields and spread the crisis to the world. Sechin also emphasized that the sanctions against Russia by the United States and other Western countries have destroyed the foundation of the legal system formed after World War II, destroyed the existing contractual obligation system, judicial and legal systems, etc., and also affected the social field, and ultimately hurt the world. market.

USDCAD daily chart:

A brief technical analysis:

From the daily chart: it continues to run on the upper Bollinger track and continues to attack, the Bollinger Bands indicator is moving upward, the MACD is on the upside at the 0-axis and the volume can be rapidly increased, the RSI is rapidly strengthening, and it is expected that the short-term exchange rate will likely further increase. up.

Long-short turning point: 1.2850

Resistance: 1.3030 1.3200

Support level: 1.2650 1.2450

Trading strategy: bullish above 1.2850, target price at 1.3030, 1.3200

Alternative strategy: bearish below 1.2850, target price at 1.2650, 1.2450