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USDCAD: high rise

Fundamental analysis:

USD/CAD remained volatile around 1.37535 as supply concerns driving oil prices higher overnight likely stemmed from Chevron CEO's comments that the oil market doesn't have much spare capacity and the key uncertainties in 2023 will be Russian oil and finished products Oil outlet interrupted.

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

Brief technical analysis:

Looking at the 4-hour chart: the high-level bullish momentum is rising rapidly, the market is shrouded in bullish sentiment, the bullish momentum continues to move upward, the MACD indicator is in the bullish zone, and the RSI indicator is hovering at the high level in the bullish zone;

Resistance levels: 1.37722 1.37891

Support levels: 1.37226 1.37052

Trading strategy: Bullish above 1.37413, target 1.37722 1.37891
Alternative strategy: bearish below 1.37413, target 1.37226 1.37052

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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