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USDCAD: Continued downward movement

Fundamental analysis:

The U.S. dollar remained volatile against the Canadian dollar at around 1.35528. OPEC’s monthly report maintained the global economic growth forecast for 2023 at 2.7% and the global economic growth forecast for 2024 at 2.6%. OPEC oil production increased by 113,000 barrels per day in August to 27.45 million barrels per day, with Iran and Nigeria seeing the largest increases.

USDCAD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate downwards, the short-term decline may continue, the overall market is shrouded in bearish sentiment, the MACD indicator is in the short area and continues to decline, and the RSI indicator is in the short area and maintains consolidation;

Resistance level: 1.35722 1.35843

Support level: 1.35406 1.35297

Trading strategy: Bearish below 1.35593, target 1.35406 1.35297
Alternative strategy: bullish above 1.35593, target 1.35722 1.35843

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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