CM Trade

Download APP to receive bonus

GET

USDCAD: finishing down

2023-05-31
732
Fundamental analysis:

USD/CAD remained volatile around 1.36014 as concerns about the feasibility of the U.S. debt ceiling agreement suppressed market risk appetite, while mixed messages from major oil producers ahead of a meeting this weekend cast a shadow over the supply outlook.

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



Brief technical analysis:

Looking at the 4-hour chart: the high short-term shocks have moved down, and the market's short-term sentiment is gradually emerging, but the downward momentum shows signs of weakening. The MACD index is hovering on the upper side of the 0 axis, and the RSI index is weaker on the upper side of the 50 balance line;

Resistance levels: 1.36298 1.36481

Support levels: 1.35843 1.35664

Trading strategy: Bullish above 1.38124, target 1.36298 1.36481
Alternative strategy: bearish below 1.38124, target 1.35843 1.35664

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More