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USDCAD: Consider buying near 1.2850
2022-07-25
1320
Fundamental analysis:
Crude oil prices were muted due to concerns about oil demand. However, the Canadian dollar was unaffected and rose against the greenback amid generalized weakness in the greenback.
USD/CAD USDCAD daily chart:
A brief technical analysis:
From the daily chart: the exchange rate back-tested significantly and tested the long-short turning area. MACD began to weaken on the 0-axis and the volume energy decreased slightly. The RSI continued to weaken. It is expected that the short-term exchange rate will likely rise further.
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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