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USDCAD: high rise

2023-03-09
826
Fundamental analysis:

USD/CAD remained volatile around 1.36962. The Bank of Canada believes that the current monetary policy is strict enough to curb inflation in Canada and will suspend its tightening policy. Policy divergence between the two central banks will widen if the Bank of Canada keeps rates on hold and the Federal Reserve steps up the pace of rate hikes.

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



Brief technical analysis:

Looking at the 4-hour chart: the high level continues to fluctuate and rise, and the short-term bullish sentiment is shrouded. The market bulls are constantly moving upward.

Resistance levels: 1.38172 1.38385

Support levels: 1.37619 1.37397

Trading strategy: Bullish above 1.37842, target 1.38172 1.38385
Alternative strategy: bearish below 1.37842, target 1.37619 1.37397

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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