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USDCAD: low move down
2023-04-14
911
Fundamental analysis:
USD/CAD remained volatile around 1.33349. The new hope for the Canadian oil industry is the Trans Mountain pipeline, which will start operating next year; pipeline expansion will help Canada increase pipeline capacity, overcome restrictions, open up new markets in Asia, and boost crude oil prices; The volume of oil transported will be about twice as much as before, with a capacity of 890,000 barrels per day, expected to revive the industry and boost the oil outlook.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has moved down at a low level, the short-term decline may continue, the overall bearish sentiment in the market is shrouded, the MACD indicator is in the bearish zone and continues to decline, and the RSI indicator is in the bearish zone.
Resistance levels: 1.33689 1.33900
Support levels: 1.33091 1.32839
Trading strategy: bearish below 1.33492, target 1.33091 1.32839
Alternative strategy: Bullish above 1.33492, target 1.33689 1.33900
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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