USDCAD: High level vibration narrowing

Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at 1.38090. The chairman of the Energy and Commerce Committee of the US House of Representatives, Michael Palon, proposed a draft legislation on the establishment of economic oil reserves to help reduce gasoline prices. The bill would authorize the Department of Energy to purchase oil for economic oil reserves when the price is less than $60 per barrel, and allow it to sell oil when the price exceeds $90 per barrel.

USD CAD - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the bulls' momentum keeps surging, the short-term amplitude space of high position gradually narrows, and it starts to move slowly upward. The MACD index is in the weak position of the bulls' region, and the RSI index is in the narrow range of the market at the 50 equilibrium line;

Empty turning point: 1.37988

Pressing: 1.38354, 1.38618

Support: 1.37742, 1.37509

Trading strategy: bullish above 1.37988, target 1.38354, 1.38618

Alternative strategy: bearish under 1.37988, target 1.37742, 1.37509