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USDCAD: Low level oscillation

2022-10-28
609
Fundamental analysis:

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:



Technical analysis:


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

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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