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USDCAD: High position moves down

2023-08-24
676
Fundamental analysis:

USD/CAD remained volatile around 1.35245. Retail sales in Canada fell slightly by 0.2% in June. Among the 9 sub-sectors, only 3 saw growth in sales: auto and parts dealers, sporting goods stores and gas stations.

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum remains volatile and downward, and the short-term decline may continue. The overall market is in a bearish trend. The MACD indicator maintains a downward trend, and the RSI indicator is hovering around the 50 balance line;

Resistance levels: 1.35522 1.35689

Support levels: 1.35063 1.34880

Trading strategy: bearish below 1.35344, target 1.35063 1.34880
Alternative strategy: Bullish above 1.35344, target 1.35522 1.35689

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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