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USDCAD: high volatility
2022-12-08
1092
Fundamental analysis:
USD/CAD remained volatile around 1.36690, and the Canadian dollar fell instead due to the drop in oil prices. To reinforce rate hike expectations again, the Bank of Canada may need more than one big rate hike. At the same time, the Bank of Canada may have to signal that more action is needed on inflation risks so that the rate hike cycle does not end, and adjust its forecasts accordingly.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the high level maintains a short-term huge shock, the bulls have continued to pull upwards, the MACD indicator is in the high position of the bullish area, and the RSI indicator is in a weak order on the side of the 50 balance line;
Long-short turning point: 1.36554
Suppression: 1.36950, 1.37173
Support: 1.36295, 1.36065
Trading strategy: Bullish above 1.36554, target 1.36950, 1.37173
Alternative strategy: bearish below 1.36554, target 1.36295, 1.36065
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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