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USDCAD: Bulls rise rapidly

2022-11-03
585
Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at 1.37097. CEO of Canada Cenovus Energy Company: the high natural gas price in Asia, the interruption of refineries, and the release of US oil reserves led to a large price difference between light and heavy oil; The expansion of the difference between light and heavy oil will last until 2023, and then be corrected.



USD CAD - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that the bulls' momentum keeps surging, short-term bullish sentiment emerges, and the market bulls continue to move upward. The MACD index is arranged on the upper side of the 0 axis, and the RSI index is hovering on the weak side of the 50 balanced line;


Empty turning point: 1.36964


Pressing: 1.37163, 1.37589


Support: 1.36700, 1.36429


Trading strategy: bullish above 1.36964, target 1.37163, 1.37589


Alternative strategy: bearish under 1.36964, target 1.36700, 1.36429


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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