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USDCAD: high retracement
2023-08-09
741
Fundamental analysis:
USD/CAD remained volatile around 1.34166 after data showed that China's imports and exports fell much more than expected in July, although expectations of tight supply limited oil price losses. Crude oil imports were also lower than in June, raising concerns about the outlook for crude oil demand, with the U.S. summer driving season coming to an end in early September.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the high-level bulls pulled up, they encountered resistance and retreated, and the market's bearish sentiment began to gradually emerge and move downward. The MACD indicator was in the bullish zone, and the RSI indicator was in the bullish zone.
Resistance levels: 1.34506 1.34695
Support levels: 1.33918 1.33686
Trading strategy: bearish below 1.24282, target 1.33918 1.33686
Alternative strategy: Bullish above 1.24282, target 1.34506 1.34695
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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