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USDCAD: bulls continue to make efforts
2022-12-07
995
Fundamental analysis:
High inflation, strong economic activity and an extremely tight job market justified another 50 basis point rate hike from the Bank of Canada. Markets are currently pricing in just 32bps, so a 50bp rate hike would be seen as a surprise move by the hawks and could push the CAD higher, but the FX market reaction should be short-lived as external factors remain more positive for the CAD as important.
USDCAD daily chart:
Brief technical analysis:
Looking at the daily chart: the short-term exchange rate continues to rise sharply, the MACD crosses the 0-axis below the 0-axis and the volume can start to increase, and the RSI continues to rise. It is expected that the short-term exchange rate has a high probability of further upward movement.
Long and short turning point: 1.3450
Resistance levels: 1.3650 1.3850
Support levels: 1.3250 1.3000
Trading strategy: Bullish above 1.3550, target price is 1.3850, 1.4050
Alternative strategy: bearish below 1.3450, target price is 1.3250, 1.3000
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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