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USDCAD: High position moves down

2023-05-05
795
Fundamental analysis:

USD/CAD remained volatile around 1.35382. Canada’s trade balance in March was 970 million Canadian dollars, expected to be 200 million Canadian dollars, and the previous value was 420 million Canadian dollars.

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



Brief technical analysis:

Looking at the 4-hour chart: the high short-term momentum is moving down, the short-term decline may continue, the market as a whole is in a continuous downward trend, the MACD indicator is oscillating near the 0 axis, and the RSI indicator is below the 50 balance line.

Resistance levels: 1.35690 1.35930

Support levels: 1.35175 1.34970

Trading strategy: bearish below 1.35473, target 1.35175 1.34970
Alternative strategy: Bullish above 1.35473, target 1.35690 1.35930

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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