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USDCAD: short-term recovery
2023-07-21
816
Fundamental analysis:
USD/CAD remained volatile around 1.31712. The market expects the Fed to be close to the end of its rate hike cycle, providing support for oil prices. Investors need to beware of the possibility of oil price shocks peaking.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum rebounded in the short term, the market’s bullish sentiment slowly emerged, and there were signs of continued pull-up in the short term. The MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering around the 50 balance line;
Resistance levels: 1.31910 1.32095
Support levels: 1.31445 1.31271
Trading strategy: Bullish above 1.31641, target 1.31910 1.32095
Alternative strategy: bearish below 1.31641, target 1.31445 1.31271
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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