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USDCAD: bullish Rally
2022-08-10
1280
Fundamental analysis:
The USD / CAD fluctuated around 1.28822. In view of the stronger than expected trade data released by China and the unexpected acceleration of non-agricultural employment growth in the United States in July, these signs indicate that the prospect of oil demand may not be as grim as people feared. The Canadian dollar is adjusted in a narrow range.
US dollar and Canadian dollar USDCAD - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the high level retreated after a short-term shock, and the bull power continued to move upward. The MACD index hovered on the upper side of the 0 axis, and the RSI index was at the 50 equilibrium line side;
Long and short turning point: 1.28737
Pressing position: 1.29005, 1.29164
Support position: 1.28541, 1.28339
Trading strategy: bullish above 1.28737, target 1.29005, 1.29164
Alternative strategy: bearish below 1.28737, target 1.28541, 1.28339
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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