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USDCAD: highs down
2023-04-30
761
Fundamental analysis:
The U.S. dollar against the Canadian dollar continued to fluctuate and moved down to around 1.3358; due to concerns about the economic recession and its impact on demand, oil prices have completely retreated. The full increase recorded after production cuts of about 1.16 million barrels per day.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum has fallen sharply, the short-term decline may continue, the overall short-term sentiment in the market is shrouded, the MACD indicator is in the long-term zone, and the RSI indicator moves down to the side of the 50 balance line.
Resistance levels: 1.35654 1.35891
Support levels: 1.35138 1.34922
Trading strategy: bearish below 1.35431, target 1.35138 1.34922
Alternative strategy: bullish above 1.35431, target 1.35654 1.35891
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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