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USDCAD: Bears may re-emerge
2022-08-15
1333
Fundamental analysis:
The Canadian economy appears to be more resilient to current headwinds than the US. The USD/CAD pair is forecast to fall to 1.25 by the end of 2023 from current levels, according to Westpac economists, with the pair risk skewed to the downside given expectations for a fall in the greenback.
USD/CAD USDCAD daily chart:
Technical brief:
The daily chart shows that the short-term exchange rate rebound has not changed its weakness, the MACD is running below the 0 axis and the volume can continue to increase, and the RSI continues to weaken slightly. It is expected that the short-term exchange rate will likely fall further.
Long and short turning point: 1.2850
Resistance: 1.3030 1.3200
Support level: 1.2650 1.2450
Trading strategy: bearish below 1.2850, target price at 1.2650, 1.2450
Alternative strategy: bullish above 1.2850, target price at 1.3030, 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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