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Usdcad:1.2850 support repeated test
2022-07-27
1256
Fundamental analysis:
U.S. consumer confidence fell to a nearly one-and-a-half-year low in July, as concerns about high inflation and interest rate hikes continued, pointing to a slowdown in economic growth at the beginning of the third quarter.
USD / Canadian dollar USDCAD daily chart:
Technical analysis:
According to the daily chart, the exchange rate is significantly back tested and pierced back and forth to explore the long and short turning area. MACD crosses the 0 axis below and the volume can be reduced slightly. 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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