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USDCAD: bulls up
2023-07-27
794
Fundamental analysis:
USD/CAD remained volatile around 1.32056. Saudi Arabia’s oil exports in May fell by nearly 40% compared with the same period last year. Investors are waiting to see whether Saudi Arabia will extend voluntary output cuts into September as supply is tightened by production cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+).
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and moves upward, the short-term bullish sentiment remains, the bulls in the market continue to pull up, the MACD indicator is hovering above the 0 axis, and the RSI indicator is on the side of the 50 balance line for weak consolidation;
Resistance levels: 1.32219 1.32372
Support levels: 1.31785 1.31627
Trading strategy: Bullish above 1.31960, target 1.32219 1.32372
Alternative strategy: bearish below 1.31960, target 1.31785 1.31627
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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