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USDCAD: high shock pullback

Fundamental analysis:

The US dollar remained volatile around 1.331335 against the Canadian dollar. Two major uncertainties are hanging over the market, the Iranian nuclear agreement and the oil supply of Russia, a major OPEC + member. Once the EU embargo on Russian offshore crude oil and fuel imports takes full effect in early 2023, and countries announce price caps on Russian oil, Russian oil supply may decline from the current very flexible level.

US dollar and Canadian dollar (USDCAD) - the 4-hour K-line chart shows:

Technical analysis:

According to the 4-hour chart, the high-level short-term shocks began to retreat downward, the market short power began to wait for the opportunity to enter, the MACD index was in the high-level consolidation downward of the long region, and the RSI index was in the 50 equilibrium line weak hovering;

Long short turning point: 1.31382

Pressing position: 1.31629, 1.31887

Support position: 1.31081, 1.30849

Trading strategy: bearish below 1.31382, targets 1.31081, 1.30849

Alternative strategy: bullish above 1.31382, target 1.31629, 1.31887

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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