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USDCAD: high order

2023-08-29
674
Fundamental analysis:

USD/CAD remained volatile around 1.35974 as sanctions imposed by the Trump administration sapped Venezuela's crude oil production and exports. But the oil industry in the country that sits on the world's largest crude reserves, bigger even than Saudi Arabia, has been in decline for years due to mismanagement, corruption and a lack of investment by state oil company PDVSA in field operations and refinery maintenance.

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



Brief technical analysis:

The 4-hour chart shows that the bullish momentum maintains the shock and moves up and then sorts out within a narrow range. The bullish sentiment in the market weakens, but there are still signs of continued upward movement. The MACD indicator is in the high level of the bullish zone, and the RSI indicator is hovering weakly on the side of the 50 balance line;

Resistance levels: 1.36135 1.36307

Support levels: 1.35740 1.35599

Trading strategy: Bullish above 1.35902, target 1.36135 1.36307
Alternative strategy: bearish below 1.35902, target 1.35740 1.35599

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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