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USDCAD: high up

2023-05-26
831
Fundamental analysis:

USD/CAD remained volatile around 1.36426. China's oil demand will increase by 1 million barrels per day this year, driving an expected increase in global oil consumption by 2.6 million barrels per day. Under the high-growth scenario, oil demand in the world's largest crude oil importer could increase by 1.4 million barrels per day this year, about 400,000 barrels per day higher than previously forecast, and oil prices would rise another $3-5 per barrel.

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



Brief technical analysis:

Looking at the 4-hour chart: the high level continues to fluctuate upwards, the short-term bullish momentum continues to move upwards, the market is shrouded in bullish sentiment, the MACD indicator is in the bullish zone and continues to move upwards gently, and the RSI indicator is hovering at the high level in the bullish zone;

Resistance levels: 1.36604 1.36782

Support levels: 1.36102 1.35917

Trading strategy: Bullish above 1.36300, target 1.36604 1.36782
Alternative strategy: bearish below 1.36300, target 1.36102 1.35917

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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