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USDCAD: high short position moves down

Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at 1.32485, and the potential pressure to promote inflation in Canada may peak in the fourth quarter of this year. However, most people believe that the signs of rapid price increases are becoming deep-rooted, and warn that economic recession may be needed to avoid price spirals.

USD CAD - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the bulls' momentum keeps rising in shock, the high level retreats in the short term, the bears' momentum waits for an opportunity to enter the market, and the short-term decline starts to move down. The MACD index is in the high level of the bulls' area and the RSI index is in the bulls' area and slowly moves down;

Empty turning point: 1.32569

Pressing position: 1.32866, 1.33140

Support position: 1.32190, 1.31950

Trading strategy: 1.32569 lower bearish, target 1.32190, 1.31950

Alternative strategy: bullish above 1.32569, target 1.32866, 1.33140

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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