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USDCAD: Bulls are overwhelming
2022-09-19
1090
Fundamental analysis:
At the 40th Annual Monetary Conference of the Cato Institute, Federal Reserve Chairman Powell once again said that in order to curb inflation, he would continue to take tough measures to curb the pressure of price inflation. Powell's comments suggest that the Federal Reserve is likely to continue to raise interest rates significantly. Most investors expect the Federal Reserve to announce a 75 basis point interest rate increase at the September interest rate meeting.
USD CAD daily chart:
Technical analysis:
From the daily chart, we can see that after the short-term exchange rate rise, the exchange rate will fall slightly. The MACD runs on the 0 axis and the volume can be slightly increased. The RSI tends to go up. It is expected that the short-term exchange rate will go up further after the fall.
Empty turning point: 1.3030
Resistance level: 1.3200 1.3400
Support position: 1.2850 1.2650
Trading strategy: bullish above 1.3030, with target prices of 1.3200 and 1.3400
Alternative strategy: bearish below 1.3030, with target prices of 1.2850 and 1.2650
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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