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USDCAD: Continue to buy back test

2022-07-11
1195
Fundamental analysis:

Data show that the number of employment in Canada has decreased significantly, and it has been significantly increased in sharp contrast with last month. This employment data may set obstacles to the Bank of Canada's decision to raise interest rates by 75 base points next Wednesday.

US dollar against Canadian dollar  daily chart:


Technical analysis:

Looking at the daily map: The exchange rate continues to run above the support level, the short -term narrow fluctuations, the MACD starts to weaken on the 0 axis, but the amount can be slightly measured. The RSI is slightly weakened. It is expected that the short -term exchange rate will be further rushed to go back and sorted. Essence

Multi -time turning point: 1.2850

Resistance level: 1.3030 1.3200

Support bit: 1.2650 1.2450

Trading strategy: Bullies above 1.2850, the target price is 1.3030, 1.3200

Alternative strategy: Watch the decline under 1.2850, the target price is 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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