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USDCAD: back testing is still a good opportunity to buy
2022-08-17
1147
Fundamental analysis:
The US dollar fell 0.43% against the Canadian dollar after Canadian data showed that core inflation pressure was still high, and the market raised its bet on the Bank of Canada's substantial interest rate increase next month.
USD / CAD daily chart:
Technical analysis:
According to the daily chart, the short-term exchange rate rises rapidly and then steps back slightly. The MACD operates under the 0 axis and the volume can shrink slightly. In the RSI arrangement, it is expected that the short-term exchange rate will further rise after the back test arrangement.
Long and short turning point: 1.2850
Resistance level: 1.3030 1.3200
Support position: 1.2650 1.2450
Trading strategy: bullish above 1.2850, with target prices of 1.3030 and 1.3200
Alternative strategy: bearish below 1.2850, with target prices of 1.2650 and 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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