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USDCAD: bulls pull up
2023-07-28
838
Fundamental analysis:
USD/CAD remained oscillating around 1.32231, Canadian Environment Minister: Announced this week to stop federal government support for oil, gas and coal production to cancel annual subsidies of 1 billion Canadian dollars, Canadian carbon capture and storage tax credits will represent 150 million dollars of investment.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls is rising rapidly, the market is shrouded in bullish sentiment, and there are signs of continued upward movement in the short term. The MACD indicator is hovering weakly above the 0 axis, and the RSI indicator is weakly oscillating above the 50 balance line;
Resistance levels: 1.32372 1.32510
Support levels: 1.32044 1.31908
Trading strategy: Bullish above 1.32181, target 1.32372 1.32510
Alternative strategy: bearish below 1.32181, target 1.32044 1.31908
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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