USDCAD: low move down

Fundamental analysis:

USD/CAD remained volatile around 1.33945, with market surveys predicting a rebound in the loonie this year, but most of the gains won't occur until the period of domestic and global economic uncertainty after central banks aggressively tighten policy in 2022 ends. The U.S. dollar was set to fall 0.6 percent to C$1.35 in three months. This is in line with the December forecast. USD/CAD is expected to fall 4.5% in a year to 1.30. In 2022, the Canadian dollar will depreciate 6.8%, its first decline since 2018.

US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:

Brief technical analysis:

The 4-hour chart: The low-level short-term momentum moves down and then fluctuates, the market is still bearish, and the short-term or entangled low-level hovering, the MACD indicator is in the short-term area, and the RSI indicator is in the short-term area.

Long-short turning point: 1.34100

Suppression: 1.34334, 1.34600

Support: 1.33723, 1.33509

Trading strategy: bearish below 1.34100, target 1.33723, 1.33509

Alternative strategy: Bullish above 1.34100, target 1.34334, 1.34600