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The elimination of Russian oil reached an impasse, and the US dollar fell benign against the Canadian dollar
2022-05-24
908
Fundamental analysis:
US oil settled at US $110.29 a barrel, one cent higher than the closing price on Friday, and rose 1.5% during the session. The EU's proposal to phase out Russian oil has clearly reached an impasse. The Hungarian government hinted that progress could be made in the negotiations as early as next month, according to people familiar with the matter who asked to remain anonymous
USD / CAD daily chart:
Technical analysis: the daily moving average is long, but the moving average begins to level, the exchange rate goes down slowly, MACD runs on the 0 axis, but the volume can continue to shrink, RSI weakens slowly, and it is expected that the short-term exchange rate probability will go up further after correction.
Long short turning point: 1.2750
Resistance level: 1.2890 to 1.3030
Support position: 1.2630 to 1.2480
Trading strategy: above 1.2750, bullish, with target prices of 1.2890 and 1.3030
Alternative strategy: below 1.2750, bearish, with target prices of 1.2630 and 1.2480
The above analysis is a personal point of view 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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