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USDCAD: low move down
2023-06-18
683
Fundamental analysis:
USD/CAD remained volatile around 1.31788, with the latest production cuts announced by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in May and further voluntary production cuts by Saudi Arabia in July supporting oil prices. Still, markets are struggling to shake the panic as the global growth outlook remains vulnerable to further shocks from aggressive rate hikes.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fluctuate and move down, the short-term decline may continue, the market as a whole continues to decline, the MACD indicator is in the short-selling area and the low-level move down, and the RSI indicator is in the short-selling area to maintain consolidation;
Resistance levels: 1.32223 1.32477
Support levels: 1.31549 1.31342
Trading strategy: Bullish above 1.31959, target 1.32223 1.32477
Alternative strategy: bearish below 1.31959, target 1.31549 1.31342
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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