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USDCAD: Low level sorting
2022-11-08
1066
Fundamental analysis:
The US dollar remained volatile against the Canadian dollar at 1.34898. The US and its G7 allies' sanctions on Russian oil will take effect on December 5, which is expected to reduce Russian oil exports at least to some extent. The sanctions on Russian crude oil, the termination of SPR release, the decline of the US dollar and the expected reduction of OPEC+, together with the stubbornly flat US oil production, have created a perfect storm for high oil prices.
USD CAD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the power of short positions fell rapidly, the low positions were narrowed, the market short sentiment was weakened, the MACD index was in the low position of short positions, and the RSI index was in the lower side of the 50 equilibrium line;
Empty turning point: 1.34983
Pressing: 1.35252, 1.35481
Support: 1.34602, 1.34311
Trading strategy: bearish under 1.34983, target 1.34602, 1.34311
Alternative strategy: bullish above 1.34983, target 1.35252, 1.35481
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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