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USDCAD: low order
2023-06-09
793
Fundamental analysis:
USD/CAD remained oscillating around 1.33561. Despite a slowdown in industrial activity in the world's largest economy, production growth outside OPEC still appears to be strong, but OPEC+ unexpectedly announced production cuts on April 2, which may exacerbate the expected second half of this year. supply shortages and push up oil prices amid heightened economic uncertainty.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market as a whole remains low and weak, the short-term decline may continue, the market bearish sentiment emerges, the MACD indicator is in the bearish zone and the RSI indicator is in the bearish zone and is weakly oscillating;
Resistance levels: 1.33928 1.34115
Support levels: 1.33342 1.33162
Trading strategy: bearish below 1.33690, target 1.33342 1.33162
Alternative strategy: bullish above 1.33690, target 1.33928 1.34115
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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