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USDCAD: Bull high position oscillation moves up
2022-10-07
1108
Fundamental analysis:
The US dollar remained volatile against the Canadian dollar at 1.37477. With the weakening of global growth expectations, commodity prices have been weakening since the middle of the year. This year, the Canadian dollar has been decoupled from oil prices, but the commodity prices have generally declined and the terms of trade have weakened, which has significantly weakened the support for the Canadian dollar.
USD CAD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum is rising due to short-term high shock, and the short-term bulls' sentiment continues to move upward. The MACD indicator hovers on the top of the 0 axis, and the RSI indicator is in a narrow range of 50 balanced online;
Empty turning point: 1.37284
Pressing: 1.37901, 1.38335
Support: 1.36896, 1.36393
Trading strategy: bullish above 1.37284, target 1.37901, 1.38335
Alternative strategy: bearish under 1.37284, target 1.36896, 1.36393
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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