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USDCAD: Weak finishing
2023-07-26
819
Fundamental analysis:
USD/CAD remained volatile around 1.31777. Market rumors that the United States will relax sanctions on Iranian crude oil exports led to a sharp drop in oil prices in the intraday session. Then the United States refuted the rumors and oil prices recovered some of their gains.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is slowly finishing and moving upwards, short-term bullish sentiment is emerging, the MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Resistance levels: 1.31943 1.32123
Support levels: 1.31479 1.31294
Trading strategy: bullish above 1.31675, target 1.31943 1.32123
Alternative strategy: bearish below 1.31675, target 1.31479 1.31294
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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