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USDCAD: high move up
2023-07-06
758
Fundamental analysis:
USD/CAD remained volatile around 1.32815. The Organization of the Petroleum Exporting Countries and allies including Russia (OPEC+) produce about 40 percent of the world's crude oil. Faced with low oil prices, the group has been cutting oil production since November last year. But investors remained concerned about oil demand amid a sharp drop in global factory activity.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart view: The bulls' dynamics fluctuated at a high level and rose. The short-term bullish sentiment is shrouded, and the bulls in the market are constantly rising. The MACD indicator is in the bullish area and maintains consolidation, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Resistance levels: 1.32946 1.33052
Support levels: 1.32617 1.32499
Trading strategy: Bullish above 1.32741, target 1.32946 1.33052
Alternative strategy: bearish below 1.32741, target 1.32617 1.32499
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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