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USDCAD: High level oscillation moves up

2022-09-16
505
Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at 1.32261. The Bank of Canada defined the neutral interest rate as the actual neutral interest rate plus the inflation rate of 2 percentage points. The problem is that inflation is no longer close to 2 per cent. Money markets seem to agree that interest rates need to be more restrictive, and the Bank of Canada is expected to further tighten interest rates by about 75 basis points in the coming months.



USD CAD - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that the bulls' momentum has kept surging, and the market's bullish sentiment has continued, with the MACD indicator in the bulls' region maintaining consolidation and upward movement, and the RSI indicator in the bulls' region maintaining upward movement;


Empty turning point: 1.32136


Pressing position: 1.32496, 1.32682


Support position: 1.31950, 1.31716


Trading strategy: bullish above 1.32136, target 1.32496, 1.32682


Alternative strategy: bearish under 1.32136, target 1.31950, 1.31716

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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