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USDCAD: high volatility
2023-03-02
951
Fundamental analysis:
USD/CAD remained volatile around 1.32962. The Bank of Canada has issued a conditional suspension of interest rate hikes, and the market has accepted this signal. The rate hike is expected to be only 2 basis points in March and 8 basis points in April base point.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: high short-term fluctuations within a narrow range, market sentiment began to emerge slowly, the MACD indicator is in the long zone and slowly moving down, and the RSI indicator is hovering weakly above the 50 balance line;
Long-short turning point: 1.36081
Suppression: 1.36322, 1.36547
Support: 1.35720, 1.35502
Trading strategy: bearish below 1.36081, target 1.35720, 1.35502
Alternative strategy: Bullish above 1.36081, target 1.36322, 1.36547
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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