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USDCAD: high rise

Fundamental analysis:

USD/CAD remained volatile around 1.35336, and the interest rate market expects a 25% chance of the Bank of Canada raising interest rates on March 8. Only six weeks ago, the Bank of Canada said it would stay on the sidelines. After this report, that will lessen and Bank of Canada Governor Macklem can breathe a sigh of relief.

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

Brief technical analysis:

Looking at the 4-hour chart: the momentum of the high-level bulls fluctuated rapidly, and after breaking through the previous high in the short term, it oscillated, and the market was bullish.

Long-short turning point: 1.35243

Suppression: 1.35508, 1.35650
Support: 1.35078, 1.34930

Trading strategy: Bullish above 1.35243, target 1.35508, 1.35650
Alternative strategy: bearish below 1.35243, target 1.35078, 1.34930

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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