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USDCAD: short power rapid decline finishing
2022-08-11
1407
Fundamental analysis:
The USD / CAD fluctuated around 1.27684, and the EIA strategic oil reserve inventory of the United States in the week to August 5 was the lowest since the week of April 26, 1985. The commercial crude oil inventory of the United States excluding the strategic reserve was the highest since the week of December 3, 2021.
US dollar and Canadian dollar USDCAD - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the driving force of high-level short positions has dropped rapidly, and the overall market short positions are shrouded. In the short term, there is a trend of continuous downward movement. MACD index hovers below the 0 axis, and RSI index is in a narrow range under the 50 equilibrium line;
Long and short turning point: 1.27752
Pressing position: 1.27935, 1.28131
Support position: 1.27493, 1.27315
Trading strategy: bearish below 1.27752, target 1.27493, 1.27315
Alternative strategy: bullish above 1.27752, target 1.27935, 1.28131
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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