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USDCAD: high order
2023-05-04
800
Fundamental analysis:
The U.S. dollar remained volatile near 1.36135 against the Canadian dollar, and international oil prices extended their decline, due to the massive sell-off of U.S. regional bank stocks, which intensified concerns about a more severe economic recession this year. Related signals indicate that investors are extremely anxious about the outlook for the global economy.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high short-term narrow-range order shifts, the market’s bullish momentum shows signs of maintaining upward momentum, the MACD index is hovering above the 0 axis, and the RSI index is in a weak order above the 50 balance line;
Resistance levels: 1.36375 1.36590
Support levels: 1.35847 1.35612
Trading strategy: Bullish above 1.36056, target 1.36375 1.36590
Alternative strategy: bearish below 1.36056, target 1.35847 1.35612
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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