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USDCAD: High level range breaks down
2022-10-04
1133
Fundamental analysis:
The US dollar remained volatile against the Canadian dollar at 1.36329. As of September 30, Canada's national economic confidence index was 46.47, with a previous value of 47.2.
USD CAD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the high short-term range fluctuates and shifts, and the market bearish sentiment starts to slowly enter the market, and will soon fall below the low key node. The MACD indicator is in the long area, and it will maintain consolidation and move down to the vicinity of the 0 axis, while the RSI indicator is in the weak consolidation under the 50 equilibrium line;
Empty turning point: 1.36469
Pressing position: 1.36954, 1.37476
Support position: 1.35854, 1.35343
Trading strategy: bearish under 1.36469, target 1.35854, 1.35343
Alternative strategy: bullish above 1.36469, target 1.36954, 1.37476
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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