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USDCAD: Bears fall
2023-01-05
982
Fundamental analysis:
USD/CAD remained volatile around 1.34778. The market is still worried about the impact of macro factors such as economic downward pressure. The main engines of global growth are experiencing weak economic activity. The economy in most parts of the world will experience a difficult year in 2023.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the downward trend of bearish momentum continues, the overall bearish sentiment in the market is shrouded, and there is a continued downward trend. The MACD indicator is in the bearish area below the 0 axis and moves down, and the RSI indicator is in the bearish area.
Long-short turning point: 1.34866
Suppression: 1.35016, 1.35166
Support: 1.34631, 1.34486
Trading strategy: bearish below 1.34866, target 1.34631, 1.34486
Alternative strategy: Bullish above 1.34866, target 1.35016, 1.35166
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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