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USDCAD: low volatility

2023-01-17
570
Fundamental analysis:

USD/CAD remained volatile around 1.34094. Economists at Scotiabank expect the monthly rate of existing home sales in Canada to be 1.3% in December, up from -3.30% in the previous month. The monthly rate of new orders for manufacturing in Canada in November was -0.3%, the previous value was -2.7%. Economists at Scotiabank expect the pair to fall, but only slowly.

US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the low level remains within a narrow range in the short term, and the bulls in the market are slowly finishing and moving upwards. The MACD indicator is in the short area and shows signs of moving up after finishing, and the RSI indicator is hovering around the 50 balance line;

Long-short turning point: 1.33996

Suppression: 1.34326, 1.34544
Support: 1.33784, 1.33560

Trading strategy: bullish above 1.33996, target 1.34326, 1.34544
Alternative strategy: bearish below 1.33996, target 1.33784, 1.33560

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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