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USDCAD: low reversal
2023-05-09
768
Fundamental analysis:
USD/CAD remained volatile around 1.33719. Canada’s National Economic Confidence Index as of May 5 was 52.45, compared to the previous value of 51.5.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market’s short-term sentiment continues to fall, and the low-level short-term consolidation is reversed. The bulls are looking for an opportunity to enter the market, but they are still in a weak position.
Resistance levels: 1.33952 1.34172
Support levels: 1.33382 1.33170
Trading strategy: Bullish above 1.33604, target 1.33952 1.34172
Alternative strategy: bearish below 1.33604, target 1.33382 1.33170
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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