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USDCAD: Bears move down
2023-07-12
746
Fundamental analysis:
USD/CAD remained volatile around 1.32296. The market predicted that the Bank of Canada may raise interest rates by 25 basis points for the second time in a row. The job market remains tight and underlying inflation remains high.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-seller momentum maintains a narrow range and moves downward again, the market’s short-sell sentiment remains, the MACD indicator is weakly oscillating in the short-selling area, and the RSI indicator is below the 50 balance line and oscillates downward;
Resistance levels: 1.32527 1.32672
Support levels: 1.32145 1.32005
Trading strategy: bearish below 1.32357, target 1.32145 1.32005
Alternative strategy: Bullish above 1.32357, target 1.32527 1.32672
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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