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USDCAD: Bears fall

2023-05-07
505
Fundamental analysis:

USD/CAD remained volatile around 1.33724. The number of employed people in Canada in April was 41,400, compared with the expected 20,000 and the previous value of 34,700.

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



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen strongly, the market is shrouded in short-term sentiment, the short-term decline may continue, and there is no sign of stopping, the MACD indicator is in the short-term area and continues to move down, and the RSI indicator is in the short-term area.

Resistance levels: 1.34064 1.34257

Support levels: 1.33557 1.33382

Trading strategy: bearish below 1.33854, target 1.33557 1.33382
Alternative strategy: bullish above 1.33854, target 1.34064 1.34257

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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