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SDCAD: bears continue to decline
2022-09-13
1098
Fundamental analysis:
The US dollar fluctuated around 1.29843 against the Canadian dollar. The Federal Reserve is prepared to further raise interest rates to deal with inflation, which may raise the US dollar exchange rate and make oil denominated in US dollars more expensive for non US dollar holders. Demand is expected to be restrained.
US dollar and Canadian dollar (USDCAD) - the 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the momentum of high-level short positions has maintained a good momentum of concussion and downward movement, the short-term decline has not stopped, and the market decline may continue. MACD index is in the consolidation of short positions, and RSI index is in the weak wandering of short positions;
Long short turning point: 1.29971
Pressing position: 1.30198, 1.30437
Support position: 1.29618, 1.29397
Trading strategy: bearish below 1.29971, target 1.29618, 1.29397
Alternative strategy: bullish above 1.29971, target 1.30198, 1.30437
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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