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USDCAD: Bulls rally
2023-02-10
1084
Fundamental analysis:
USD/CAD remained volatile around 1.34595, with the Canadian dollar set to appreciate in the second half of the year as the global economic outlook turns more favorable for commodity-linked currencies and investors bet central banks will cut interest rates in 2024. USD/CAD is expected to fall to the 1.30 level in a year, a drop of just over 3%, but unchanged from the January poll forecast.
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 wide range of shocks and pulls upwards, the market is still bullish, and the short-term may maintain a shocking upward trend, the MACD indicator is in the bullish area and the RSI indicator is in the upper side of the 50 balance line.
Long-short turning point: 1.34511
Suppression: 1.34702, 1.34823
Support: 1.34374, 1.34245
Trading strategy: Bullish above 1.34511, target 1.34702, 1.34823
Alternative strategy: bearish below 1.34511, target 1.34374, 1.34245
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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