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USDCAD: Bears are down
2022-11-25
1121
Fundamental analysis:
USD/CAD oscillated around 1.33332 as Venezuelan political parties and U.S. officials pushed for talks in Mexico City this weekend. It would be the first such talks since October 2021 and could pave the way for the relaxation of U.S. oil sanctions on the country. Venezuela is a member of the Organization of the Petroleum Exporting Countries (OPEC).
USDCAD USDCAD - 4-hour candlestick chart shows:
A brief technical analysis:
From the 4-hour chart: the bearish momentum continues to oscillate downward, and the short-term decline may continue. The market as a whole is in a weak and downtrend, the MACD indicator is in a weak position below the 0 axis, and the RSI indicator is in a weak order below the 50 equilibrium line;
Long and short turning point: 1.33450
Suppression: 1.33689, 1.33877
Support: 1.33100, 1.32860
Trading strategy: bearish below 1.33450, target 1.33100, 1.32860
Alternative strategy: bullish above 1.33450, target 1.33689, 1.33877
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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