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USDCAD: high move up

Fundamental analysis:

The U.S. dollar against the Canadian dollar remained volatile around 1.36446. Canada’s December GDP monthly rate was -0.1%, expected 0.00%, and the previous value was 0.10%. It was the first economic contraction since February 2022. All signs of strength in January and February so far will give the Bank of Canada something to think about next week.

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

Brief technical analysis:

Looking at the 4-hour chart: the high-level bullish momentum continues to fluctuate and rise, the short-term bullish sentiment continues, and there are signs of touching the previous high-level node again, the MACD indicator is in the bullish area and continues to oscillate, and the RSI indicator is on the side of the 50 balance line and moves upward;

Long-short turning point: 1.36298

Suppression: 1.36667, 1.36848
Support: 1.36064, 1.35846

Trading strategy: Bullish above 1.36298, target 1.36667, 1.36848
Alternative strategy: bearish below 1.36298, target 1.36064, 1.35846

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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