USDCAD: multi head wide swing up

Fundamental analysis:

The USD / CAD fluctuated around 1.29063. The market is generally not optimistic about the recent world economic outlook, especially the economic trend of developed countries. In the first half of the year, the support of international oil prices was weakened due to geopolitical tension, limited production capacity, insufficient investment and other factors. In the event of a deep recession in the world economy, commodity prices, including international oil prices, may fall further.

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

Technical analysis:

According to the 4-hour chart, the Bulls maintained a wide range of shocks and pulled upward, the market was bullish, the MACD index was in the high position of the bulls, and the RSI index was in the weak position of the 50 balanced online side;

Long and short turning point: 1.28981

Pressing position: 1.29257, 1.29434

Support position: 1.28829, 1.28637

Trading strategy: bullish above 1.28981, target 1.29257, 1.29434

Alternative strategy: bearish below 1.28981, target 1.28829, 1.28637