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Bank of Canada raises interest rates more than market expectations, USD/CAD weakens rapidly
2022-05-30
838
Fundamental analysis:
The U.S. dollar fell sharply against the Canadian dollar this week, mainly due to a weaker U.S. dollar, but expectations of a substantial interest rate hike by the Bank of Canada and higher oil prices also supported the Canadian dollar
USD/CAD USDCAD daily chart:
Technical analysis: The daily moving averages began to be in a bearish arrangement, the exchange rate fell below the long-short turning area, the MACD was running on the 0-axis but the volume could continue to shrink, the RSI gradually weakened, and it is expected that the short-term exchange rate will likely decline further.
Long-short turning point: 1.2750
Resistance: 1.2890 1.3030
Support level: 1.2630 1.2480
Trading strategy: under 1.2750, bearish, target price is 1.2630, 1.2480
Alternative strategy: above 1.2750, bullish, target price at 1.2890, 1.3030
The above analysis is a personal opinion and is for reference only.
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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