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USDCAD: low volatility
2023-01-18
1052
Fundamental analysis:
USD/CAD remained volatile around 1.33877. Canada’s December CPI monthly rate recorded -0.6%, expected -0.5%, and the previous value of 0.10%. It was the largest drop since April 2020. Canadian money markets are pricing in about a 73% chance the Bank of Canada will raise rates by 25 basis points this month, up from 70% before the CPI data.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: low-level short-term maintenance funds fluctuate widely, the market as a whole is in a weak position, the MACD indicator is in low-level volatility, and the RSI indicator is hovering near the 50 balance line;
Long-short turning point: 1.33996
Suppression: 1.34213, 1.34447
Support: 1.33662, 1.33441
Trading strategy: bearish below 1.33996, target 1.33662, 1.33441
Alternative strategy: bullish above 1.33996, target 1.34213, 1.34447
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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