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USDCAD: high rise

2023-05-25
789
Fundamental analysis:

USD/CAD remained volatile around 1.35936 as oil prices turned bullish after Saudi Arabia threatened short sellers, with Saudi Arabia likely to defend prices at all costs. The Memorial Day holiday in the U.S. falls on May 29 this year and traditionally marks the start of the peak summer travel season in the United States. But the market remained wary of discussions on the U.S. debt ceiling, limiting gains in oil prices.

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



Brief technical analysis:

Looking at the 4-hour chart: the high bullish momentum is rising strongly, the short-term bullish sentiment is shrouded, the bullish momentum in the market is constantly rising, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone to maintain consolidation;

Resistance levels: 1.36124 1.36273

Support levels: 1.35638 1.35452

Trading strategy: Bullish above 1.35834, target 1.36124 1.36273
Alternative strategy: bearish below 1.35834, target 1.35638 1.35452

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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