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USDCAD: Backtesting continues to buy
2022-08-19
1220
Fundamental analysis:Minneapolis Federal Reserve President Neel Kashkari said on Thursday that the Fed needs to bring "very, very" high inflation down soon, even at the cost of a possible recession. We need to reduce demand by raising interest rates.
USD/CAD USDCAD daily chart:
A brief technical analysis:
From the daily chart: the short-term exchange rate continues to rise slightly, the MACD runs below the 0 axis but the volume is slightly increased, and the RSI is finishing up.
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
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