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USDCAD: Bulls rally
2023-02-07
1118
Fundamental analysis:
USD/CAD remained volatile around 1.34443. The Group of Seven (G7), the European Union and Australia implemented a price ceiling of USD 60 per barrel for Russian crude oil from December 5 last year. Only then will it provide insurance and financial services for ships carrying Russian crude oil.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum continues the upward trend and continues to fluctuate and rise, the short-term bullish sentiment is good, the market bulls are constantly rising, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone.
Long-short turning point: 1.34341
Suppression: 1.34597, 1.34763
Support: 1.34171, 1.34005
Trading strategy: Bullish above 1.34341, target 1.34597, 1.34763
Alternative strategy: bearish below 1.34341, target 1.34171, 1.34005
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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