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USDCAD: Bulls rally
2023-02-06
1090
Fundamental analysis:
USD/CAD remained volatile around 1.33896, and investors were also paying attention to the progress of the European Union's restriction on the price of Russian refined oil on February 5. EU countries will seek an agreement on Friday to set price caps for Russian oil products. The EU has already postponed a decision scheduled for Wednesday (Feb. 1) due to disagreements among member states.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum maintains a shock and rises, the short-term bullish sentiment is shrouded, the bullish momentum in the market continues to rise, the MACD index maintains the shock and moves up to the upper side of the 0 axis, and the RSI index is on the upper side of the 50 balance line and is slowly rising;
Long-short turning point: 1.33800
Suppression: 1.34050, 1.34221
Support: 1.33635, 1.33478
Trading strategy: Bullish above 1.33800, target 1.34050, 1.34221
Alternative strategy: bearish below 1.33800, target 1.33635, 1.33478
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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