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USDCAD: high volatility

2023-09-07
631
Fundamental analysis:

The U.S. dollar remains volatile against the Canadian dollar at around 1.36344. Canada's central bank will decide on interest rates at 5% on September 6. It is expected to be 5.00% and the previous value was 5.00%. The benchmark interest rate was kept unchanged, the highest level since 2001, in line with market expectations. Concerns remain about the persistence of underlying inflationary pressures. There has been no significant downward momentum in underlying inflation recently; recent consumer price index data indicate that inflationary pressures remain widespread in Canada.

USDCAD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high level maintains a wide range of volatility in the short term, and the short-term momentum of the market has signs of entering the market. The short-term decline may continue, and the market as a whole continues to consolidate and retreat. Weakly hovering on the side of the line;

Resistance level: 1.36507 1.36621

Support level: 1.36218 1.36098

Trading strategy: Bearish below 1.36389, target 1.36218 1.36098
Alternative strategy: bullish above 1.36389, target 1.36507 1.36621

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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