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USDCAD: Bears to the downside

2023-09-14
644
Fundamental analysis:

The U.S. dollar remains volatile against the Canadian dollar near 1.35482. The International Energy Agency (IEA): Price restrictions have achieved results, but now that prices have exceeded the upper limit, it remains to be seen whether Russia can continue to sell oil to the market. Not only are we seeing oil demand reach its peak, it's the highest it's been in decades.

USDCAD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate downwards, and the short-term decline may continue. The overall market is bearish, with the MACD indicator consolidating at a low level in the short area, and the RSI indicator remaining in the short area and continuing to fluctuate;

Resistance level: 1.35687 1.36804

Support level: 1.35367 1.35243

Trading strategy: Bearish below 1.35554, target 1.35367 1.35243
Alternative strategy: bullish above 1.35554, target 1.35687 1.36804

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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