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USDCAD: hovering at a high level
2023-03-03
957
Fundamental analysis:
USD/CAD remained volatile around 1.36968, and the rise in international oil prices was hindered. Investors worried that the increase in US crude oil inventories and further interest rate hikes in Europe might affect economic growth.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high position is in a narrow range, the market as a whole is in a weak shock, the bearish sentiment has signs of waiting for an opportunity to enter the market, the MACD indicator is in the bullish area and slowly moving down, and the RSI indicator is in a weak order near 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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