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The Bank of Canada's interest rate hike is loud, and the US dollar against the Canadian dollar accelerates its decline
2022-06-01
900
Fundamental analysis:
The U.S. dollar against the Canadian dollar hit a low of 1.2628, the lowest since April 25. The Bank of Canada will hold a meeting on Wednesday, and 30 analysts participating in the survey expected the central bank to raise interest rates by 50 basis points to 1.50%.
USDCAD daily chart:
Technical analysis: The daily moving averages are in a bearish arrangement, the exchange rate is accelerating downward, the MACD is running below the 0 axis and the volume is slightly heavy, and the RSI is slowly weakening. 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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