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USDCAD: high and wide shock pullback

Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at around 1.31129. The Bank of Canada raised interest rates by 75 basis points to 3.25%, in line with market expectations. The interest rate was the highest since March 2008.

US dollar and Canadian dollar (USDCAD) - the 4-hour K-line chart shows:

Technical analysis:

From the 4-hour chart, we can see that in the short-term, the market is at a high level and maintaining a wide range of shocks. The market has repeatedly probed the nodes in the upper and lower ranges, but has not yet moved out of the range of shocks. The MACD indicator is in the long range, maintaining the downward movement of consolidation, and the RSI indicator is maintaining the downward movement of shocks, hovering below the 50 equilibrium line;

Long short turning point: 1.31247

Pressing position: 1.31474, 1.31734

Support position: 1.30918, 1.30715

Trading strategy: bearish below 1.31247, target 1.30918, 1.30715

Alternative strategy: bullish above 1.31247, target 1.31474, 1.31734

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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