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USDCAD: Bulls are starting to gain momentum
2022-08-28
1302
Fundamental analysis:
Economists at HSBC expect the Canadian dollar to benefit from "risk appetite" in the short term, but a quick turnaround in Bank of Canada policy is unlikely. USD/CAD will edge higher ahead.
USD/CAD daily chart:
A brief technical analysis:
From the daily chart: the short-term exchange rate rises rapidly, the MACD is running on the 0-axis but the volume and energy are insufficient, the RSI tends to be flat, and it is expected that the short-term exchange rate will likely rise further.
Long-short turning point: 1.2850
Resistance: 1.3030 1.3200
Support level: 1.2650 1.2450
Trading strategy: bullish above 1.2850, target price at 1.3030, 1.3200
Alternative strategy: bearish below 1.2850, target price at 1.2650, 1.2450
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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