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USDCAD: bulls pull up
2023-02-17
976
Fundamental analysis:
USD/CAD remained volatile around 1.34575, as hopes of a strong recovery in fuel demand in China, the world's largest oil importer, offset selling pressure from a stronger dollar and a large build in U.S. crude inventories. The International Energy Agency has previously warned that the global crude oil supply-demand balance could quickly shift to a deficit.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bulls are strongly driven up and fluctuating, the market’s bullish sentiment continues, and the short-term bulls continue to move upwards, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone and oscillates;
Long-short turning point: 1.34497
Suppression: 1.34732, 1.34892
Support: 1.34354, 1.34216
Trading strategy: Bullish above 1.34497, target 1.34732, 1.34892
Alternative strategy: bearish below 1.34497, target 1.34354, 1.34216
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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