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USDCAD: Watch for short-term support
2022-07-03
1315
Fundamental analysis:
The U.S. dollar rose more than 0.3 percent to 1.2933 against the Canadian dollar, the Canadian dollar resisting losses against other commodity currencies. The International Monetary Fund (IMF) predicts that Canada will lead the G7 in economic growth this year.
USD/CAD USDCAD daily chart:
A brief technical analysis:
From the daily chart: it continues to run near the Bollinger middle rail and is gaining momentum. The Bollinger Bands indicator converges and moves upward. MACD starts to weaken below the 0 axis and the volume energy shrinks slightly. The RSI weakens slightly. It is expected that the short-term exchange rate will have a high probability. Further upwards after stepping back and finishing.
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, 1.2450Fundamental analysis:
The U.S. dollar rose more than 0.3 percent to 1.2933 against the Canadian dollar, the Canadian dollar resisting losses against other commodity currencies. The International Monetary Fund (IMF) predicts that Canada will lead the G7 in economic growth this year.
USD/CAD daily chart:
A brief technical analysis:
From the daily chart: it continues to run near the Bollinger middle rail and is gaining momentum. The Bollinger Bands indicator converges and moves upward. MACD starts to weaken below the 0 axis and the volume energy shrinks slightly. The RSI weakens slightly. It is expected that the short-term exchange rate will have a high probability. Further upwards after stepping back and finishing.
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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