简体中文
ภาษาไทย
繁體中文
Indonesia
USDCAD: descending more smoothly
2022-10-23
1151
Fundamental analysis:
This week President Joe Biden announced a plan to sell the remaining national Strategic Petroleum Reserve (SPR), or 15 million barrels of oil, by the end of the year and begin replenishing it. Mr. Biden's attempt to curb high gasoline prices ahead of the Nov. 8 midterm elections is clearly driven by a political calculation to win more votes.
Daily chart of USD/CAD USDCAD:
Technical analysis:
The daily chart shows that after a short-term surge, the MACD continues to fall, while the MACD runs on the 0 axis, the volume can continue to shrink, and the RSI continues to fall. It is expected that the short-term exchange rate will likely fall further.
Long-short turning point :1.3650
Resistance: 1.3850 1.4050
Support: 1.3450 1.3250
Trading strategy: Bearish below 1.3450, target 1.3450, 1.3250
Alternative: Bullish above 1.3550 with 1.3850, 1.4050 targets
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.
CM Trade Mobile Application
Economics Calendar
More
