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USDCAD: Bears on the downside
2023-03-21
875
Fundamental analysis:
USD/CAD remained volatile around 1.36635, UK unions: 1,400 offshore workers will go on strike, industrial action "tsunami" hits oil and gas operators, an action that will hit major oil and gas operators, including BP, Canadian Gas, Enquist, Seaports, Ithaca, Shell and Total.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains volatile and moves downward, the short-term decline may continue, the market as a whole is in a weak position and moves downward, the MACD indicator is hovering below the 0 axis, and the RSI indicator is in a weak order below the 50 balance line;
Resistance levels: 1.36897 1.37050
Support levels: 1.36455 1.36302
Trading strategy: bearish below 1.36720, target 1.36455 1.36302
Alternative strategy: Bullish above 1.36720, target 1.36897 1.37050
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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