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USDCAD: High rise of bulls

Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at 1.34576. The Federal Reserve raised its target interest rate by 75 basis points for the third time, reaching a range of 3.00-3.25%, and hinted that there would be more large-scale interest rate increases. Risk assets such as stocks and oil fell on the news, while the US dollar rebounded.

USD CAD - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the bulls' momentum continues to fluctuate and continue to rise. The short-term bullish mood is shrouded. The market bulls are showing signs of continuing to move upward. The MACD index hovers at the high level in the bulls' region, and the RSI index bulls are sorted out near the 80 equilibrium line in the bulls' region;

Empty turning point: 1.34413

Pressing position: 1.34940, 1.35310

Support position: 1.34023, 1.33672

Trading strategy: bullish above 1.34413, target 1.34940, 1.35310

Alternative strategy: bearish under 1.34413, target 1.34023, 1.33672

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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