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USDCAD: oscillating upward
2023-05-03
917
Fundamental analysis:
USD/CAD remained volatile around 1.36247, as the world's largest oil importer showed signs of positive recovery in spending during the five-day Labor Day holiday, and China's demand showed positive trends, offsetting global macro pressures.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the high level moves upward after short-term consolidation, short-term bullish sentiment emerges, the market bulls continue to rise, the MACD indicator is on the side of the 0 axis, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Resistance levels: 1.36465 1.36666
Support levels: 1.35945 1.35730
Trading strategy: Bullish above 1.36139, target 1.36465 1.36666
Alternative strategy: bearish below 1.36139, target 1.35945 1.35730
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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