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USDCAD: High Position Competition
2022-10-17
1092
Fundamental analysis:
The benchmark crude oil will rise this week after falling for four consecutive weeks. At the beginning of this week, crude oil rebounded from a nine month low thanks to the decline of the dollar index and the larger than expected decline in the U.S. fuel inventory. The dollar index fell again on Thursday, falling back from a 20-year high, indicating that investors' risk appetite has increased.
USD CAD daily chart:
Technical analysis:
From the daily chart, we can see that the short-term exchange rate is highly contested. MACD runs on the 0 axis, but the volume can shrink slightly. The RSI overbought area fluctuates in a narrow range. It is expected that the short-term exchange rate will rise further after the reduction and consolidation.
Empty turning point: 1.3650
Resistance level: 1.3850 1.4050
Support position: 1.3450 1.3250
Trading strategy: bullish above 1.3550, with target prices of 1.3850 and 1.4050
Alternative strategy: bearish below 1.3450, with target prices of 1.3450 and 1.3250
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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