USDCAD: low move down

USD/CAD remained volatile around 1.34350, and the Organization of the Petroleum Exporting Countries and its partners (OPEC+) unexpectedly announced new production cuts, triggering severe market shocks. The new cuts will start in May and run until the end of the year. OPEC's top producer, Saudi Arabia, will cut production by 500,000 bpd, according to an official statement. The Saudi Energy Ministry said the production cuts were a precautionary measure aimed at supporting oil market stability.

US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:

Looking at the 4-hour chart: The short-term momentum continues to decline at a low level, the short-term decline has not stopped, the market is shrouded in a strong bearish sentiment, the MACD indicator is in the short-selling area and the RSI indicator is in the short-selling area and the low position is weak;

Resistance levels: 1.34637 1.34859

Support levels: 1.34158 1.34000

Trading strategy: bearish below 1.34445, target 1.34158 1.34000

Alternative strategy: Bullish above 1.34445, target 1.34637 1.34859