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USDCAD: high move up

Fundamental analysis:

USD/CAD remained volatile around 1.38354, and the G7 alliance plans to re-evaluate the price ceiling mechanism for Russian oil in March. It did not comment on specific changes, nor did it explain whether existing price caps had an impact on supply and demand in global energy markets.

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

Brief technical analysis:

Looking at the 4-hour chart: the high volatility continues to move up, the market is shrouded in bullish sentiment, and the short-term overall trend continues to rise, the MACD index is hovering at a high level in the bullish area, and the RSI index is in the bullish area for consolidation;

Resistance levels: 1.38570 1.38770

Support levels: 1.37998 1.37785

Trading strategy: Bullish above 1.38212, target 1.38570 1.38770
Alternative strategy: bearish below 1.38212, target 1.37998 1.37785

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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