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USDCAD: high volatility
2023-07-30
782
Fundamental analysis:
USD/CAD remained volatile around 1.32390, as the Canadian economy is slowing and reinforced the view that the Bank of Canada will keep interest rates unchanged in September, given its recent emphasis on balancing the risks of over- and under-tightening policy.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: high short-term volatility, the market bullish sentiment remains, after the short-term narrow range of volatility, there are signs of continued upward movement, the MACD indicator is in the bullish zone, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 1.32510 1.32645
Support levels: 1.32176 1.32044
Trading strategy: Bullish above 1.32319, target 1.32510 1.32645
Alternative strategy: bearish below 1.32319, target 1.32176 1.32044
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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