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USDCAD: Bears move down
2023-05-18
841
Fundamental analysis:
USD/CAD remained volatile around 1.34537 as an unexpected increase in U.S. crude oil inventories sparked demand concerns, although the latest forecast from the International Energy Agency limited losses in oil prices. The U.S. EIA crude oil inventory increase in the week to May 12 was the largest since the week of February 17, 2023.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum is moving downwards, and the short-term decline may continue. The overall market is in a short-term trend and will continue to move downward in the short term. The MACD indicator is weak and hovering around the 0 axis, and the RSI indicator is oscillating near the 50 balance line move down;
Resistance levels: 1.34925 1.35145
Support levels: 1.34313 1.34101
Trading strategy: bearish below 1.34700, target 1.34313 1.34101
Alternative strategy: Bullish above 1.34700, target 1.34925 1.35145
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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