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USDCAD: Shock down
2023-04-12
916
Fundamental analysis:
USD/CAD remained volatile around 1.34633, which could be additional drivers of higher oil prices amid Western sanctions on Russia and a recovery in tourism boosting demand for jet fuel. Oil futures have rallied more than 5% since the Organization of the Petroleum Exporting Countries and allies including Russia (OPEC+) surprised markets last week by announcing a new round of output cuts starting in May.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level short-term dynamics remain oscillating and moving down, short-term short-term sentiment is gradually emerging, the market as a whole is once again bearish, the MACD indicator is weak and hovering around the 0 axis, and the RSI indicator is finishing below the 50 balance line;
Resistance levels: 1.34966 1.35208
Support levels: 1.34428 1.34223
Trading strategy: bearish below 1.34723, target 1.34428 1.34223
Alternative strategy: bullish above 1.34723, target 1.34966 1.35208
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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