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USDCAD: bear moves down after the earthquake
2022-10-14
1090
Fundamental analysis:
The US dollar remained volatile against the Canadian dollar at 1.37337. Seasonal and refinery production increased, which may lead to gasoline oversupply in the Gulf Coast. The increase of US crude oil inventory of nearly 10 million barrels is mainly due to the sharp decline in exports. Canada said it plans to change its carbon and energy tax incentives.
USD CAD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that in the short term, after the huge earthquake at a high level, the short sellers' power quickly entered the market and fell. The short-term decline may continue. The MACD index is in the bull area and remains weak and moves downward. The RSI index is in a narrow range under the 50 equilibrium line;
Empty turning point: 1.37414
Pressing: 1.37725, 1.38019
Support: 1.37050, 1.36748
Trading strategy: bearish under 1.37414, target 1.37050, 1.36748
Alternative strategy: bullish on 1.37414, target 1.37725, 1.38019
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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