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USDCAD: low order
2023-04-02
903
Fundamental analysis:
USD/CAD remained volatile around 1.35316, with many of the main drivers of economic growth in January also being the biggest contributors to the economic downturn in December. Growth in the wholesale trade, transportation and warehousing, mining, quarrying and oil and gas extraction sectors all rebounded from declines in the previous month in January.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum continues to fluctuate and fall, and the low position is maintained for a short period of time. The long-term momentum has signs of waiting for an opportunity to enter the market. The MACD indicator is in the short-term area and the RSI indicator is in the short-term area.
Resistance levels: 1.35465 1.35609
Support levels: 1.35044 1.34896
Trading strategy: Bullish above 1.35220, target 1.35465 1.35609
Alternative strategy: bearish below 1.35220, target 1.35044 1.34896
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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