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USDCAD: Continues to decline

Fundamental analysis:

USD/CAD remained volatile around 1.34536, the U.S. inflation data fell slightly in January, the Federal Reserve once again released a hawkish signal, and the Biden administration continued to dump reserves. The upward superposition of macro pressure and the dumping of reserves are negative for oil prices.

US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term dynamics remain volatile and downward, the short-term decline has not stopped, the market's short-term sentiment continues to emerge, the MACD indicator is in the long-term area and slowly descending, and the RSI indicator is in a weak order on the side of the 50 balance line;

Long-short turning point: 1.34624

Suppression: 1.34778, 1.34927
Support: 1.34391, 1.34248

Trading strategy: bearish below 1.34624, target 1.34391, 1.34248
Alternative strategy: Bullish above 1.34624, target 1.34778, 1.34927

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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