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Economic outlook continues to be pessimistic, USD/CAD accelerates decline
2022-06-03
968
Fundamental analysis:
The president of Goldman Sachs issued a similar gloomy forecast on the economic outlook to JPMorgan Chase CEO Jamie Dimon, warning of tough times ahead due to a series of shocks to the global economy.
USD/CAD daily chart:
Technical analysis: The daily moving average is in a bearish arrangement, the exchange rate accelerates downward, the MACD is running below the 0 axis and the volume is slightly heavy, the RSI is gradually weakening, and it is expected that the short-term exchange rate will likely fall 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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