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USDCAD: low move down
2023-06-11
761
Fundamental analysis:
USD/CAD remained volatile around 1.33629. The number of Canadians employed in May changed to -17,300, expected to be 21,300, and the previous value was 41,400. This was the first decrease since September 2022 and the largest drop since August 2022 .
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level and narrow-range shocks are slowly descending, the short-term decline may continue, the market as a whole continues to decline, the MACD indicator is in the bearish area and maintains consolidation, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 1.33859 1.34070
Support levels: 1.33274 1.33083
Trading strategy: bearish below 1.33629, target 1.33274 1.33083
Alternative strategy: Bullish above 1.33629, target 1.33859 1.34070
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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