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USDCAD: Bears move lower

2023-09-12
601
Fundamental analysis:

USD/CAD remains volatile around 1.35745. Rising oil prices may be one of the last things the global economy needs right now, as inflation expectations are about to begin to fall. The reality of unchecked inflation has weighed on financial markets, especially in Canada, where a hawkish stance by the central bank last week, coupled with an unexpectedly strong August jobs report, led to a rise in Canadian government bond yields. While the chance of another Bank of Canada hike is still seen as just under 50%, the possibility cannot be completely ruled out.

USDCAD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The high short-term momentum continues to fluctuate and move downwards, the short-term decline may continue, the overall market bearish sentiment is shrouded, the MACD indicator is in the short area and continues to decline, and the RSI indicator is in the short area and remains hovering;

Resistance level: 1.35942 1.36094

Support level: 1.35610 1.35485

Trading strategy: Bearish below 1.35817, target 1.35610 1.35485
Alternative strategy: bullish above 1.35817, target 1.35942 1.36094

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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