The US dollar remained volatile against the Canadian dollar at 1.35635. GDP growth mainly came from exports and federal government expenditure, while domestic private sector activities remained weak. It has eliminated the concern that demand is about to collapse, and brought people's attention back to the problems of oil supply, such as OPEC's production plan.
USD CAD - 4-hour K line chart shows:
The 4-hour chart shows that the bearish momentum continues to move downward, and the low position is reorganized after a short-term shock. The market bearish sentiment remains unchanged. The MACD indicator is maintained in the bearish area, and the RSI indicator is hovering below the 50 equilibrium line;
Empty turning point: 1.35795
Pressing: 1.36165, 1.36526
Support: 1.35298, 1.34964
Trading strategy: bearish under 1.35795, target 1.35298, 1.34964
Alternative strategy: bullish above 1.35795, target 1.36165, 1.36526