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USDCAD: Bulls climb higher
2023-01-04
1044
Fundamental analysis:
USD/CAD remained volatile around 1.36705. The Canadian dollar may have benefited from the surge in oil prices, but was dragged down by the bursting of the Canadian real estate bubble. Rising housing prices in Canada and slowing U.S. demand driven by the pandemic will outweigh the benefits of the arrival of exported oil.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls is rising rapidly, short-term bullish sentiment is emerging, the momentum of the bulls in the market is constantly rising, the MACD indicator is moving up from the high level in the bullish zone, and the RSI indicator is in the bullish zone and continues to rise;
Long-short turning point: 1.36624
Suppression: 1.36865, 1.37006
Support: 1.36478, 1.36325
Trading strategy: Bullish above 1.36624, target 1.36865, 1.37006
Alternative strategy: bearish below 1.36624, target 1.36478, 1.36325
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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