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USDCAD: Bears plunge
2023-02-01
1053
Fundamental analysis:
USD/CAD remained volatile around 1.33027. Canada’s economic growth has almost stagnated. The Bank of Canada expects economic growth to remain flat in the first half of the year before picking up in the second half. The Canadian dollar was higher after the report, but that was because the U.S. labor cost index fell short of market expectations at the same time as the U.S. dollar weakened.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen rapidly, showing an inverted V-shaped downward trend, and the short-term decline may continue. The market as a whole is in a downward trend of short positions. The MACD indicator is weakly oscillating near the 0 axis, and the RSI indicator is below the 50 balance line. wandering;
Long-short turning point: 1.33118
Suppression: 1.33272, 1.33418
Support: 1.32879, 1.32775
Trading strategy: bearish below 1.33118, target 1.32879, 1.32775
Alternative strategy: Bullish above 1.33118, target 1.33272, 1.33418
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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