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USDCAD: low move up
2023-06-13
726
Fundamental analysis:
USD/CAD remained volatile around 1.33669. The Bank of Canada decided to further tighten monetary policy in June. The reasons were that inflation remained high, economic growth was stronger than expected, and the labor market was tight.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: After finishing in a short-term narrow range, the low position began to move upwards, and the market’s bullish sentiment gradually emerged. In the short term, there were signs of continued shock and upward movement.
Resistance levels: 1.33938 1.34169
Support levels: 1.33320 1.33083
Trading strategy: Bullish above 1.33543, target 1.33938 1.34169
Alternative strategy: bearish below 1.33543, target 1.33320 1.33083
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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