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USDCAD: Bears fall

Fundamental analysis:
USD/CAD remained oscillating around 1.35425. Entering 2023, oil prices have a chance to rebound, but it will still depend on whether market participants continue to weigh central bank tightening as pricing growth risks. Oil markets were also hit by expectations of future U.S. rate hikes as the Federal Reserve tries to curb rising inflation amid a tight labor market.

US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:

Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate and fall, the short-term decline may continue, the market as a whole is in a weak position, the bearish sentiment is shrouded, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is weakly hovering below the 50 balance line;
Long-short turning point: 1.35446
Suppression: 1.35651, 1.35822
Support: 1.35273, 1.35132
Trading strategy: bearish below 1.35446, target 1.35273, 1.35132
Alternative strategy: bullish above 1.35446, target 1.35651, 1.35822

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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