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USDCAD: Bears on the downside
2023-07-05
787
Fundamental analysis:
USD/CAD remained volatile around 1.32219. Canada’s National Economic Confidence Index as of June 30 was 52.31, compared to the previous value of 52.3.
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 downward, and the short-term decline may continue. The market as a whole continues to move downward. The MACD index maintains shocks and moves down to hover around the 0 axis, and the RSI index is in a weak position below the 50 balance line;
Resistance levels: 1.32431 1.32580
Support levels: 1.32065 1.31957
Trading strategy: bearish below 1.32286, target 1.32065 1.31957
Alternative strategy: Bullish above 1.32286, target 1.32431 1.32580
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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