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Usdcad:1.2850 support is broken
2022-07-26
1252
Fundamental analysis:
The futures contract linked to the policy interest rate of the Federal Reserve showed on Monday that the US benchmark interest rate would peak in January 2023, while last week it was hinted that it was in February. In addition to peaking a month earlier than previously expected, the market also bet that the federal funds target rate would peak at 3.38%, about 20 basis points lower than the 3.59% expected at the beginning of last week.
USD / Canadian dollar USDCAD daily chart:
Technical analysis:
According to the daily chart, the exchange rate is significantly back tested and pierced into the long and short turning area. MACD crosses the 0 axis below and the volume can be slightly increased. RSI continues to weaken, and it is expected that the short-term exchange rate probability will further decline.
Long short turning point: 1.2850
Resistance level: 1.3030 1.3200
Support position: 1.2650 1.2450
Trading strategy: bearish below 1.2850, with target prices of 1.2650 and 1.2450
Alternative strategy: bullish above 1.2850, with target prices of 1.3030 and 1.3200
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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