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USDCAD: high volatility

2023-02-24
974
Fundamental analysis:

USD/CAD remained oscillating around 1.35434, and oil prices were still hovering within the range, looking for a strong catalyst in the short term. The spot market has been directionless for months, signaling weakness in the global system.

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



Brief technical analysis:

Looking at the 4-hour chart: After the high shocks moved up, the market as a whole was hovering at a high level, and it began to hover after a short-term pull-up. The MACD index was in the high position in the bullish area, and the RSI index was in the bullish area to maintain consolidation;

Long-short turning point: 1.35381

Suppression: 1.35611, 1.35777
Support: 1.35186, 1.35026

Trading strategy: Bullish above 1.35381, target 1.35611, 1.35777
Alternative strategy: bearish below 1.35381, target 1.35186, 1.35026

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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