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USDCAD: continue to buy above 1.30
2022-07-15
1232
Fundamental analysis:
The weakness of the Canadian dollar may also be due to the fact that radical interest rate hikes are intensifying concerns about the economic recession. Investors are worried that the Bank of Canada may act too fast and too quickly. Some people believe that in view of the fragility of the property market, raising interest rates by 100 basis points is a policy error.
USD / Canadian dollar USDCAD daily chart:
Technical analysis:
According to the daily chart, the exchange rate broke through the upward trend, MACD began to strengthen on the 0 axis and the volume can be increased slightly, RSI strengthened slightly, and it is expected that the short-term exchange rate probability will further rise after stepping back and finishing.
Long short turning point: 1.2850
Resistance level: 1.3030 1.3200
Support position: 1.2650 1.2450
Trading strategy: bullish above 1.2850, with target prices of 1.3030 and 1.3200
Alternative strategy: bearish below 1.2850, with target prices of 1.2650 and 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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