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USDCAD: low move down
2023-06-22
714
Fundamental analysis:
USD/CAD remained volatile around 1.31628, as Statistics Canada showed retail sales grew much faster than expected in April, continuing the strong momentum that prompted the Bank of Canada to resume raising interest rates earlier this month.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: The short-term momentum remains low and fluctuates downward, and the short-term decline has not stopped. The market’s short-term sentiment continues, and there will be a downward trend in the short-term. ;
Resistance levels: 1.31918 1.32129
Support levels: 1.31458 1.31320
Trading strategy: bearish below 1.31714, target 1.31458 1.31320
Alternative strategy: Bullish above 1.31714, target 1.31918 1.32129
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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