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USDCAD: slow up
2023-04-11
985
Fundamental analysis:
USD/CAD remained volatile around 1.35078. The Canadian economy and labor market performed better than expected, but the market still expects the central bank to cut interest rates by more than 50 basis points, which was exacerbated by concerns about the pressure on the US and European banking industries last month. All 33 economists said that the Bank of Canada will maintain the overnight lending rate at 4.50% on April 12.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level bullish momentum remains oscillating and slowly rising, the market is still bullish, and the short-term bullish momentum continues to move upward. The MACD indicator is hovering above the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;
Resistance levels: 1.35352 1.35580
Support levels: 1.34784 1.34579
Trading strategy: Bullish above 1.35026, target 1.35352 1.35580
Alternative strategy: bearish below 1.35026, target 1.34784 1.34579
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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