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USDCAD: high volatility

Fundamental analysis:

USD/CAD remained volatile around 1.35437. The annual rate of Canadian new home price index in July was -0.9%, compared with -0.7% before.

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

Brief technical analysis:

Looking at the 4-hour chart: the high level maintains a wide range of shocks in the short term, the market’s bullish sentiment remains, and there are signs of continued upward movement in the short term. The MACD indicator is in the bullish area and remains in order, and the RSI indicator is hovering weakly on the side of the 50 balance line;

Resistance levels: 1.35667 1.35878

Support levels: 1.35097 1.34862

Trading strategy: Bullish above 1.35325, target 1.35667 1.35878
Alternative strategy: bearish below 1.35325, target 1.35097 1.34862

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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