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USDCAD: bulls jerk
2022-12-06
1089
Fundamental analysis:
USD/CAD remained volatile around 1.35912, and the Bank of Canada is expected to maintain a certain degree of caution. We think terminal rate pricing (4.25%) is reasonable, after Wednesday's rate hike, at this time, the Bank of Canada is unlikely to behave like this, but if the inflation data improves and the economic data deteriorates, the Bank of Canada may pause rate hikes in January .
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 previous high is close at hand, and the breakout is imminent. The MACD indicator is in the bullish zone and the RSI indicator is in the bullish zone above the 50 balance line.
Long-short turning point: 1.35810
Suppression: 1.36124, 1.35374
Support: 1.35583, 1.35350
Trading strategy: Bullish above 1.35810, target 1.36124, 1.35374
Alternative strategy: bearish below 1.35810, target 1.35583, 1.35350
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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