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USDCAD: low move down
2023-06-16
740
Fundamental analysis:
USD/CAD remained volatile around 1.32223, with global oil consumption likely to hit a record 101.4 million barrels per day this year, driven by unprecedented demand from China, India and the Middle East. But producers such as the U.S. are leading the surge in supply, with non-OPEC+ supplies keeping pace with global demand and forcing OPEC+ to cut production from 2022 onwards.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum maintains the shock and continues to move downward, and the short-term decline continues to move downward. The MACD indicator is in the short-term area and fluctuates at a low level, and the RSI indicator is in the short-term area to maintain consolidation;
Resistance levels: 1.32632 1.32894
Support levels: 1.32014 1.31798
Trading strategy: bearish below 1.32369, target 1.32014 1.31798
Alternative strategy: Bullish above 1.32369, target 1.32632 1.32894
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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