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USDCAD: low move up
2023-06-21
793
Fundamental analysis:
USD/CAD remained oscillating around 1.32330. Russia's crude oil flow to the international market has declined, but it is still much higher than the level in February (February is the benchmark month for Russia's commitment to cut production). Russia’s average seaborne shipments for the four weeks ended June 18 fell slightly to 3.63 million barrels per day from 3.66 million barrels per day in the last round of statistics.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the low-level bulls keeps fluctuating upwards, the market is still bullish, the market bulls continue to rise, the MACD indicator keeps oscillating and continues to rise, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 1.32559 1.32832
Support levels: 1.31985 1.31781
Trading strategy: bullish above 1.32241, target 1.32559 1.32832
Alternative strategy: bearish below 1.32241, target 1.31985 1.31781
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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