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USDCAD: high down
2023-05-02
816
Fundamental analysis:
USD/CAD remained volatile around 1.35425. Canadian unions said the strike action of 35,000 members of the Canada Revenue Agency will continue on May 1, while negotiations with the tax office will resume under a new mandate. Disputes remain with the Canada Revenue Agency over key issues such as telecommuting, fair wages and job security.
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 move downward, the market bearish sentiment continues, and there is a trend of continuing to move downward in the short term. The MACD index is weakly finishing below the 0 axis, and the RSI index is hovering weakly below the 50 balance line;
Resistance levels: 1.35788 1.36018
Support levels: 1.35176 1.34922
Trading strategy: bearish below 1.35503, target 1.35176 1.34922
Alternative strategy: bullish above 1.35503, target 1.35788 1.36018
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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