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USDCAD: Bulls are on a good offensive
2022-08-07
1390
Fundamental analysis:
TD Securities: The Canadian dollar could fall further after weaker-than-expected Canadian jobs data in July raised the bar for the Bank of Canada to raise interest rates by 50 basis points in September. 1.30 would be the next important level for USD/CAD, the pair could retest 1.32 but it may take a little more time.
USD/CAD USDCAD daily chart:
A brief technical analysis:
From the daily chart: the exchange rate continues to rise and rise like a rainbow, the MACD runs below the 0 axis but the volume can continue to shrink, the RSI continues to rise slightly, and it is expected that the exchange rate will likely rise further in the short term.
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
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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