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DCAD: Low Position Disadvantage Consolidation

2022-11-15
514
Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at 1.33133. Canada's national economic confidence index was 43.35 as of November 11, a previous value of 42.3.



USD CAD - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that after the low position shock of the short power went down, the narrow range consolidation slowly moved up, and the market long power began to show signs of waiting for opportunities to enter the market. The MACD index moved up in the low position shock of the short region, and the RSI index maintained the shock and moved up to the lower side of the 50 equilibrium line;


Empty turning point: 1.32935


Pressing: 1.33436, 1.33745


Support: 1.32628, 1.32287


Trading strategy: bullish above 1.32935, target 1.33436, 1.33745


Alternative strategy: bearish under 1.32935, target 1.32628, 1.32287

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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