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USDCAD: Falling low
2023-03-29
993
Fundamental analysis:
USD/CAD remained oscillating around 1.35974 as the European Council reached a political agreement on a proposal to extend the voluntary 15% reduction in natural gas demand by member states for one year. From August 2022 to January 2023, total EU natural gas consumption falls by 19.3%. Given that the EU has not completely escaped the energy crisis, EU member states have to prepare for next winter.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fall at a low level, the short-term decline has not stopped, the market's short-term sentiment is strong, the MACD indicator is in the short-term area and continues to move down, and the RSI indicator is in the short-term area to maintain consolidation;
Resistance levels: 1.36228 1.36363
Support levels: 1.35845 1.35734
Trading strategy: bearish below 1.36063, target 1.35845 1.35734
Alternative strategy: Bullish above 1.36063, target 1.36228 1.36363
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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