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USDCAD: high short volatility down

2022-09-09
489
Fundamental analysis:

The US dollar remained volatile around 1.30878 against the Canadian dollar, and Canadian investment in fintech fell by more than 50% in the first six months of 2022. The total investment of Canadian fintech companies in 85 transactions in the first half of 2022 was $810 million, down from $1.9 billion in the second half of 2021.


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



Technical analysis:


According to the 4-hour chart, the power of high-level short sellers maintains the shock pullback and downward movement, the short-term decline of the market may continue, the MACD index maintains the shock and downward movement to the lower side of the 0 axis, and the RSI index is in the narrow range below the 50 equilibrium line;


Long and short turning point: 1.30990


Pressing position: 1.31223, 1.31474


Support position: 1.30601, 1.30380


Trading strategy: bearish below 1.30990, target 1.30601, 1.30380


Alternative strategy: bullish above 1.30990, target 1.31223, 1.31474

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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