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USDCAD: Bears fall
2023-07-13
743
Fundamental analysis:
USD/CAD remained volatile around 1.31860. Canada until July 12, the central bank's interest rate decision was 5%, expected 5.00%, and the previous value was 4.75%. In line with market expectations, it was the second consecutive rate hike of 25 basis points. The Bank of Canada raised its consumption forecasts for this year and 2024.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuated and fell, the short-term decline may continue, the overall bearish sentiment in the market is shrouded, the MACD indicator is in the bearish area and continues to move down, and the RSI indicator is in the bearish area to maintain consolidation;
Resistance levels: 1.32093 1.32253
Support levels: 1.31705 1.31550
Trading strategy: bearish below 1.31928, target 1.31705 1.31550
Alternative strategy: Bullish above 1.31928, target 1.32093 1.32253
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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