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USDCAD: high retracement
2023-05-30
719
Fundamental analysis:
USD/CAD remained oscillating around 1.35903. The peak season of driving in the United States is from now to the end of the American Labor Day in early September. In addition to the United States, some other countries in the northern hemisphere usually increase fuel consumption in summer, such as increasing power generation to meet the use of air conditioners and Agricultural operations and travel etc.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the market’s short momentum is high and retreats, the market is shrouded in bearish sentiment, the short-term decline may continue, the market as a whole is in a short trend, the MACD indicator is in the bullish area and moves downward, and the RSI indicator is weak near the 50 balance line wandering;
Resistance levels: 1.36240 1.36481
Support levels: 1.35744 1.35541
Trading strategy: bearish below 1.36037, target 1.36240 1.36481
Alternative strategy: Bullish above 1.36037, target 1.35744 1.35541
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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