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USDCAD: Bulls rally
2023-03-16
940
Fundamental analysis:
USD/CAD remained volatile around 1.37664. EIA reported that U.S. crude oil exports increased by 1.665 million barrels per day to 5.027 million barrels per day in the week of March 10. Commercial crude oil inventories excluding strategic reserves increased by 1.550 million barrels to 480 million barrels, an increase of 0.32%.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is strong and rising, short-term bullish sentiment emerges, the market bulls continue to move upwards and then fluctuate, the MACD indicator is in the short area and moves up to hover around the 0 axis, and the RSI indicator is in the 50 balance line.
Resistance levels: 1.37874 1.38062
Support levels: 1.37384 1.37196
Trading strategy: Bullish above 1.37577, target 1.37874 1.38062
Alternative strategy: bearish below 1.37577, target 1.37384 1.37196
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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