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USDCAD: short term adjustment needs
2022-08-24
1157
Fundamental analysis:
According to the US Department of energy, the US Strategic Petroleum Reserve (SPR) crude oil inventory fell by 8.1 million barrels last week to the lowest level in more than 35 years. According to the data, in the week ending August 19, the inventory of strategic oil reserves dropped to 453.1 million barrels, the lowest since January 1985. The decline of 8.1 million barrels was the largest since the end of April.
USD / CAD daily chart:
Technical analysis:
According to the daily chart, the short-term exchange rate drops rapidly. MACD runs on the 0 axis and the volume energy starts to increase on the 0 axis. RSI drops rapidly. It is expected that the short-term exchange rate will be further measured and sorted out.
Long and short turning point: 1.2850
Resistance level: 1.3030 1.3200
Support position: 1.2650 1.2450
Trading strategy: bullish above 1.2850, with target prices of 1.3030 and 1.3200
Alternative strategy: bearish below 1.2850, with target prices of 1.2650 and 1.2450
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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