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USDCAD: low move down

2023-01-10
603
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

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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