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USDCAD: high volatility

2023-08-27
714
Fundamental analysis:

USD/CAD remained oscillating around 1.35938, with state media citing Iran’s oil minister as saying that while U.S. sanctions remain in place, the Iranian oil minister is closely monitoring Iranian oil exports as the country’s crude output is set to reach 3.4 million barrels per month by the end of September. day.

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level bulls maintain a volatile upward momentum, and the short-term high levels are blocked and retreated. The market’s bullish sentiment remains, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in a weak order on the side of the 50 balance line;

Resistance levels: 1.36090 1.36272

Support levels: 1.35705 1.35548

Trading strategy: Bullish above 1.35852, target 1.36090 1.36272
Alternative strategy: bearish below 1.35852, target 1.35705 1.35548

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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