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USDCAD: low order
2023-06-20
715
Fundamental analysis:
USD/CAD remained volatile around 1.32087, oil prices rose quite modestly after the Federal Reserve hinted that it would raise interest rates by 50 basis points before the end of this year. But a disappointing economic outlook in Asia also gave bulls pause.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum maintains a weak order and slows down, the short-term decline may continue, the market as a whole is hovering at a low level, the MACD index is in the short area, and the RSI index is hovering weakly below the 50 balance line;
Resistance levels: 1.32559 1.32832
Support levels: 1.31781 1.31495
Trading strategy: bearish below 1.32241, target 1.31781 1.31495
Alternative strategy: bullish above 1.32241, target 1.32559 1.32832
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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