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The market strengthened the expectation of the Central Bank of Canada raising interest rates for the second time
2022-05-20
927
Fundamental analysis:
The USD / CAD remained volatile around 1.28219, and the market firmly expected the Central Bank of Canada to raise interest rates for the second time at its next meeting on June 1. By this summer, the Bank of Canada will raise the overnight interest rate to 2%. Investors believe that Canada's benchmark interest rate will rise to more than 3% in the next 12 months, which is one of the most radical tightening cycles since the end of the last century.
USD CAD - 4-hour K-line chart shows:
Technical comments: the dynamic power of high short positions continues to fluctuate downward in the middle and lower rail section of the Bollinger belt index channel, and the low position reaches near 1.27805. The short positions continue to move downward, and the Bollinger belt index continues to close. The MACD index is located in the short position area below the 0 axis, and the RSI index remains weak below the 50 equilibrium line;
Long short turning point: 1.28359
Pressing position: 1.28733, 1.29094
Support position: 1.27805, 1.27408
Trading strategy: bearish below 1.28359, target 1.27805 and 1.27408
Alternative strategy: bullish above 1.28359, target 1.28733, 1.29094
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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