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USDCAD: low move down
2023-02-02
1006
Fundamental analysis:
The U.S. dollar remained volatile near 1.32893 against the Canadian dollar, and National Bank of Canada Wealth Management said that the Fed will almost certainly raise interest rates by 25 basis points, which will bring the upper limit of the target range of the federal funds rate to 4.75%.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum moves down in a low and wide range of shocks, and the market’s bearish sentiment continues. In the short-term, it remains low and volatile. The MACD indicator is in the short-selling area and moves down slowly, and the RSI index is hovering in the short-selling area;
Long-short turning point: 1.32960
Suppression: 1.33098, 1.33241
Support: 1.32753, 1.32634
Trading strategy: bearish below 1.32960, target 1.32753, 1.32634
Alternative strategy: Bullish above 1.32960, target 1.33098, 1.33241
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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