USDCAD: high up

USD/CAD remained oscillating around 1.35516, with shale oil production from seven of the largest U.S. shale oil basins expected to rise to an all-time high in March. In the report, the U.S. Energy Information Administration predicted that the average daily crude oil production of seven key shale oil production areas in the United States would be 9.357 million barrels in March 2023, an increase of 75,000 barrels per day compared with the revised crude oil production in February 2023.

US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:

Looking at the 4-hour chart: the high-level bullish momentum continues to rise, the short-term bullish sentiment remains, the MACD indicator is hovering at a high level in the bullish zone, and the RSI indicator is in the bullish zone to maintain consolidation;

Long-short turning point: 1.35455

Suppression: 1.35699, 1.35668

Support: 1.35279, 1.35115

Trading strategy: Bullish above 1.35455, target 1.35699, 1.35668

Alternative strategy: bearish below 1.35455, target 1.35279, 1.35115