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USDCAD: hovering at a low level
2023-01-25
1030
Fundamental analysis:
USD/CAD remains volatile around 1.33701, with the Fed and Bank of Canada now able to pause rate hikes as inflationary pressures are easing rapidly. The Bank of Canada is expected to raise rates again at a decision on Wednesday. Markets are pricing in a high probability of a 25 basis point hike, which would take the overnight lending rate to 4.5%.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: short-term entanglement in the low position to maintain a weak order, the market as a whole is in a low position and has not yet stepped out of the low shock range, the MACD index is in the short area and the RSI index is in a weak position below the 50 balance line;
Long-short turning point: 1.33760
Suppression: 1.33974, 1.34187
Support: 1.33473, 1.33254
Trading strategy: bearish below 1.33760, target 1.33473, 1.33254
Alternative strategy: Bullish above 1.33760, target 1.33974, 1.34187
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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