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USDCAD: Bears move down
2023-01-30
1007
Fundamental analysis:
USD/CAD remained volatile around 1.33039, which may be interpreted by the market as the end of the current rate hike cycle, which may dampen people's illusions about interest rates and thus put pressure on the Canadian dollar.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: short-term short-term momentum moves down again after a short-term narrow range, the market’s short-term sentiment continues to shroud, the short-term decline may continue, the MACD indicator is hovering weakly below the 0 axis, and the RSI indicator is weak below the 50 balance line sorting out;
Long-short turning point: 1.33076
Suppression: 1.33201, 1.33314
Support: 1.32904, 1.32790
Trading strategy: bearish below 1.33076, target 1.32904, 1.32790
Alternative strategy: Bullish above 1.33076, target 1.33201, 1.33314
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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