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USDCAD: high rise
2023-07-07
748
Fundamental analysis:
USD/CAD remained volatile around 1.33661, and the Canadian dollar, which rebounded strongly in June, may face headwinds as economic concerns emerge. A shift in market expectations for the Bank of Canada's monetary policy has played a major role in driving the loonie higher.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: The high-level bulls have a strong momentum to rise, short-term bullish sentiment is shrouded, the market bulls are constantly rising, the MACD indicator is rising at a high level in the bullish zone, and the RSI indicator is hovering below the 80 balance line at the high level of the bullish zone;
Resistance levels: 1.33811 1.33958
Support levels: 1.33431 1.33275
Trading strategy: bearish below 1.33582, target 1.33431 1.33275
Alternative strategy: Bullish above 1.33582, target 1.33811 1.33958
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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