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USDCAD: Bulls climb higher

2023-01-19
540
Fundamental analysis:

USD/CAD remained oscillating around 1.34927, as Russia expects Western sanctions to have a major impact on its oil product exports and production, which may allow it to have more crude oil to sell. Russia lacks storage capacity for petroleum products, and an embargo on petroleum products would have a greater impact than restrictions on crude 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, the short-term bullish sentiment is shrouded, the bulls in the market are constantly moving up, the MACD indicator is hovering above the 0 axis, and the RSI indicator is in the bullish zone;

Long-short turning point: 1.34830

Suppression: 1.35161, 1.35362
Support: 1.34564, 1.34350

Trading strategy: Bullish above 1.34830, target 1.35161, 1.35362
Alternative strategy: bearish below 1.34830, target 1.34564, 1.34350

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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