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USDCAD: High callback
2023-03-26
927
Fundamental analysis:
USD/CAD remained volatile around 1.37413 after the U.S. Department of Energy last year successfully persuaded Congress to cancel its authorization to sell about 140 million barrels of oil scheduled for fiscal years 2024 to 2027. Still, the DOE is moving forward with plans to sell 26 million barrels of oil from the SPR, which Congress authorized in earlier years to help fund the federal budget. The oil will be delivered from April 1 to June 20.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the bulls’ dynamics fluctuated strongly and then pulled back from the high level, and the high level was adjusted in the short term. However, the market as a whole is on the bullish side, and the potential of the bulls is emerging. The MACD indicator is on the upper side of the 0 axis and slowly rising, and the RSI indicator is on the upper side of the 50 balance line. wandering;
Resistance levels: 1.37534 1.37653
Support levels: 1.27210 1.37095
Trading strategy: Bullish above 1.37339, target 1.37534 1.37653
Alternative strategy: bearish below 1.37339, target 1.27210 1.37095
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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