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USDCAD: Continue to buy on dips
2022-08-21
1224
Fundamental analysis:
A group of US Federal Reserve (Fed/FED) officials said on Thursday that the Fed needs to continue to raise borrowing costs to control high inflation; St. Louis Fed President Bullard said he is currently inclined to support 9 It raised interest rates by 75 basis points for the third time in a row.
USD/CAD USDCAD daily chart:
A brief technical analysis:
From the daily chart: the short-term exchange rate continues to rise slightly, the MACD runs near the 0-axis but the volume starts to increase on the 0-axis of volume and energy, and the RSI is finishing up.
Long-short turning point: 1.2850
Resistance: 1.3030 1.3200
Support level: 1.2650 1.2450
Trading strategy: bullish above 1.2850, target price at 1.3030, 1.3200
Alternative strategy: bearish below 1.2850, target price at 1.2650, 1.2450
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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