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USDCAD: low move up
2023-05-10
780
Fundamental analysis:
USD/CAD remained volatile around 1.33833 after the Canadian province of Alberta declared a state of emergency over the weekend in response to wildfires that displaced nearly 30,000 people and prompted energy producers to shut down at least 280,000 barrels per day of oil equivalent - more than 3% in Canada output. The government said it could take months to get all the fires under control.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level bullish momentum continues to fluctuate and move upward, the market’s bullish sentiment begins to emerge, the short-term bullish momentum continues to move upward, the MACD indicator is in the short-term area and moves upward, and the RSI indicator is in the short-term area. Shock upward;
Resistance levels: 1.34048 1.34281
Support levels: 1.33516 1.33303
Trading strategy: Bullish above 1.33722, target 1.34048 1.34281
Alternative strategy: bearish below 1.33722, target 1.33516 1.33303
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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