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USDCAD: Aging higher and getting weaker

Fundamental analysis:

On September 14, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions on 10 individuals and 2 entities, and the property of the sanctioned objects in the United States will be frozen. The individuals and entities identified are reported to be affiliated with Iran's Islamic Revolutionary Guard Corps (IRGC). The U.S. Treasury Department said the sanctions were imposed because of their participation in malicious cyber behavior, including ransomware campaigns, that "directly threaten the physical security and economies of the United States and other countries."

USD/CAD USDCAD daily chart:

A brief technical analysis:

From the daily chart: the short-term exchange rate rises and then falls back slightly. The MACD is running on the 0-axis and the volume is slightly increased. The RSI tends to go up.

Long-short turning point: 1.2850

Resistance: 1.3030 1.3200

Support level: 1.2650 1.2450

Trading strategy: bullish above 1.2850, target price at 1.3030, 1.3200

Alternative strategy: bearish below 1.2850, target price at 1.2650, 1.2450

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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