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USDCAD: high volatility
2022-12-20
1152
Fundamental analysis:
USD/CAD remained volatile around 1.36518. The recent drop in oil prices was almost triggered by expectations of a slowdown in the global economy, and the market expected higher oil prices. Those expectations are now starting to seep into trader circles as well, largely based on the loosening of virus policies in Asia.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: high short-term fluctuations within a narrow range, the market's short-term sentiment has signs of waiting for an opportunity to move downward, the MACD indicator is in the bullish area, and the RSI indicator is hovering above the 50 balance line;
Long-short turning point: 1.36590
Suppression: 1.36783, 1.36995
Support: 1.36337, 1.36133
Trading strategy: bearish below 1.36590, target 1.36337, 1.36133
Alternative strategies: Bullish above 1.36590, target 1.36783, 1.36995
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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