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USDCAD: low down
2023-07-14
737
Fundamental analysis:
USD/CAD remained volatile around 1.31082 as U.S. inflation data raised expectations that the Federal Reserve may reduce interest rate hikes and Chinese trade data showed that monthly oil imports in June were the second-highest on record. Some institutions believe that the moment when the fundamentals are significantly tightened is coming.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market is shrouded in bearish sentiment, and there are signs that it will continue to move downward in the short term. The overall bearish situation in the market is good. The MACD indicator is in the bearish zone and continues to move down, and the RSI indicator is hovering at the low level in the bearish zone;
Resistance levels: 1.31355 1.31528
Support levels: 1.30927 1.30796
Trading strategy: bearish below 1.31171, target 1.30927 1.30796
Alternative strategy: bullish above 1.31171, target 1.31355 1.31528
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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