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USDCAD: Bears on the downside

Fundamental analysis:

The U.S. dollar remained volatile against the Canadian dollar at around 1.35312. EIA reported: The U.S. Strategic Petroleum Reserve (SPR) inventory increased by 594,000 barrels to 349.5 million barrels in the week of August 25, an increase of 0.17%. The four-week average supply of U.S. crude oil products was 21.246 million barrels. /day, an increase of 6.09% compared with the same period last year.

USDCAD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate downward, the short-term decline may continue, the market as a whole continues to move downward, the MACD indicator is in the short area, fluctuating downward, and the RSI indicator is hovering weakly below the 50 equilibrium line;

Resistance level: 1.35584 1.35766

Support level: 1.35153 1.34986

Trading strategy: Bearish below 1.35395, target 1.35153 1.34986
Alternative strategy: bullish above 1.35395, target 1.35584 1.35766

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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