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USDCAD: low move down
2023-06-14
790
Fundamental analysis:
USD/CAD remained volatile around 1.33154. OPEC expects global demand to increase substantially in the next quarter, with an increase of about 1.2 million barrels per day. Oil consumption for the full year of 2023 is expected to increase significantly by 2.3 million barrels per day to an average of 101.9 million barrels per day.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The low-level short-term momentum continues to fluctuate and move down, the short-term decline may continue, the market as a whole continues to move down, the MACD indicator is in the short-selling area and the RSI indicator is in the weaker side of the 50 balance line;
Resistance levels: 1.33555 1.33768
Support levels: 1.32900 1.32690
Trading strategy: bearish below 1.33312, target 1.32900 1.32690
Alternative strategy: Bullish above 1.33312, target 1.33555 1.33768
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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