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USDCAD: High pull up
2023-04-26
835
Fundamental analysis:
USD/CAD remained volatile around 1.36261, with Russian oil production falling in April 2022 following Western sanctions on the Kremlin. Since then, however, Russia has successfully expanded into Asian markets. Russia, the world's second-largest oil exporter after Saudi Arabia, has stopped or delayed releasing some of its key energy data, including information on production and exports.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is rising at a high level, the bullish sentiment in the market continues, and there are signs of continued upward movement in the short term. The MACD indicator is at a high level in the bullish zone, and the RSI indicator is hovering near the 80 balance line in the overbought zone in the bullish zone;
Resistance levels: 1.36472 1.36657
Support levels: 1.35919 1.35702
Trading strategy: Bullish above 1.36156, target 1.36472 1.36657
Alternative strategy: bearish below 1.36156, target 1.35919 1.35702
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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