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USDCAD: high level rapid rise

2022-08-31
507
Fundamental analysis:

The USD / Canadian dollar fluctuated around 1.30905. The actual GDP of Canada should be basically consistent with the expectation in the second quarter. The monthly GDP in June and some of the earliest indicators published in July showed a significant deceleration. However, unless Canada's GDP data in the second quarter is significantly lower than expected, considering the momentum of the recent core inflation data, it seems that the Bank of Canada may still choose to raise interest rates by 75 basis points in September.



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



Technical analysis:


According to the 4-hour chart, the Bulls' power is rising in a step-by-step manner, and the short-term high pull-up trend may continue. The bullish sentiment in the market remains. The MACD indicator is in the Bulls' region and keeps moving upward, and the RSI indicator is in the 50 equilibrium online side;


Long and short turning point: 1.30805


Pressing position: 1.31183, 1.31463


Support position: 1.30529, 1.30260


Trading strategy: bullish above 1.30805, target 1.31183, 1.31463


Alternative strategy: bearish below 1.30805, targets 1.30529 and 1.30260

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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