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USDCAD: high up

2023-04-27
828
Fundamental analysis:

The U.S. dollar remained volatile near 1.36351 against the Canadian dollar. International Energy Agency Director Birol said that intervention in the market may be counterproductive to OPEC, because rising oil prices may suppress fuel demand and prompt consumers to switch to electricity and other renewable energy sources.

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level bullish momentum remains volatile and upward, the short-term bullish sentiment remains, the market bulls are constantly moving upwards, 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;

Resistance levels: 1.36600 1.36807

Support levels: 1.36049 1.35846

Trading strategy: Bullish above 1.36255, target 1.36600 1.36807
Alternative strategy: bearish below 1.36255, target 1.36049 1.35846

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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