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USDCAD: high down
2022-12-21
1129
Fundamental analysis:
USD/CAD remained volatile around 1.36084. Oil prices have been falling steadily amid fears of an imminent recession after central banks in Europe and the United States said they would continue to raise interest rates to fight inflation. The market needs to assess the impact of the economic slowdown on demand.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics remain volatile and downward, the market’s short-term sentiment emerges, and the short-term decline may continue. The MACD indicator is in the bullish zone and moves down to hover around the 0 axis. The RSI indicator is below the 50 balance line.
Long-short turning point: 1.36181
Suppression: 1.36374, 1.36572
Support: 1.35886, 1.35706
Trading strategy: bearish below 1.36181, target 1.35886, 1.35706
Alternative strategy: Bullish above 1.36181, target 1.36374, 1.36572
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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