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USDCAD: high retracement

Fundamental analysis:

USD/CAD remains oscillating around 1.35907, Russian crude oil is already cheaper than similar Middle Eastern crude oil, and OPEC seems to be hurting itself by cutting production. This will further erode its market share in Asia. While boosting global oil prices, the cuts planned by OPEC+ have also narrowed Russian oil's discount to benchmarks Brent and Dubai.

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

Brief technical analysis:

The 4-hour chart: After the high short-term consolidation, the short-term momentum waits for an opportunity to enter the market and fluctuate downwards. The short-term short-term sentiment shows signs of continuing to fluctuate and move downward. The MACD indicator is in the long-term zone and slowly descends. The RSI indicator is in the long-term zone and moves down to the 0 axis. ;

Resistance levels: 1.36249 1.36471

Support levels: 1.35713 1.35514

Trading strategy: bearish below 1.36031, target 1.35713 1.35514
Alternative strategy: Bullish above 1.36031, target 1.36249 1.36471

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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