USDCAD: downlink or just started

Fundamental analysis:

After a series of rapid and substantial interest rate hikes, the Bank of Canada is preparing to turn to more deliberate traditional policy decisions by raising interest rates by 50 basis points less than expected. "Compared with earlier this year, they now obviously prefer to fine tune the policy." He added that the sharp reduction of economic growth prospects was an acknowledgement of "the pain caused by interest rate hikes". At the beginning of this year, the policy interest rate of the Central Bank of Canada was 0.25%. (

USD CAD daily chart:

Technical analysis:

The daily chart shows that the short-term exchange rate continues to decline slightly, MACD runs on the 0 axis but the volume can continue to shrink, RSI continues to fall, and the short-term exchange rate is expected to further decline.

Empty turning point: 1.3650

Resistance level: 1.3850 1.4050

Support position: 1.3450 1.3250

Trading strategy: bearish below 1.3450, with target prices of 1.3450 and 1.3250

Alternative strategy: bullish above 1.3550, with target prices of 1.3850 and 1.4050