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USDCAD: low volatility
2023-01-16
1042
Fundamental analysis:
USD/CAD remained volatile around 1.33878, the world's largest crude oil importer China's demand growth, and the United States is expected to slow down interest rate hikes, the US dollar continued to weaken, oil prices fluctuated higher this week, and the market was also worried about Russia's oil supply Prepare for more restrictions, Russia has been sanctioned for invading Ukraine, and there is an opportunity for oil prices to rise further in the market outlook.
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 maintains a narrow range of volatility and moves up, short-term bullish sentiment begins to emerge, the market bulls gradually enter the market, the MACD indicator is in the bearish area, and the RSI indicator maintains a weak position below the 50 balance line;
Long-short turning point: 1.33761
Suppression: 1.34101, 1.34306
Support: 1.33520, 1.33315
Trading strategy: Bullish above 1.33761, target 1.34101, 1.34306
Alternative strategy: bearish below 1.33761, target 1.33520, 1.33315
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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