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USDCAD: Bulls move higher
2023-09-08
450
Fundamental analysis:
USD/CAD remained volatile around 1.36860 as the market downgraded its near-term bullish outlook for the Canadian dollar due to a weak Chinese economy and a widening gap between U.S. and Canadian bond yields, but still expects the Canadian dollar to strengthen within a year.
USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high bullish momentum continues to fluctuate upwards, the market is bullish, and it continues to move upward in the short term. The MACD indicator is consolidating at a high level in the bullish zone, and the RSI indicator is in the bullish zone and continues to fluctuate;
Resistance level: 1.36976 1.37054
Support level: 1.36683 1.36566
Trading strategy: Bullish above 1.36792, target 1.36976 1.37054
Alternative strategy: bearish below 1.36792, target 1.36683 1.36566
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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