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USDCAD: Bulls climb higher
2022-11-29
1093
Fundamental analysis:
USD/CAD remained volatile around 1.34922, as Canada's current account fell sharply into a deficit due to falling energy prices and rising overseas payments amid rising borrowing costs. Data from Statistics Canada showed that Canada's current account deficit was C$11.1 billion in the third quarter, much larger than market expectations of C$4 billion. When the current account is in deficit, it generally acts as a drag on the domestic currency.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum continued to climb upwards, and after breaking through the previous highs in the short term, the market as a whole continued to rise.
Long-short turning point: 1.37811
Suppression: 1.35148, 1.35374
Support: 1.34577, 1.34357
Trading strategy: Bullish above 1.37811, target 1.35148, 1.35374
Alternative strategy: bearish below 1.37811, target 1.34577, 1.34357
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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