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USDCAD: low volatility
2023-01-26
978
Fundamental analysis:
USD/CAD remained volatile around 1.33880. Canada’s central bank interest rate decision on January 25 was 4.5%, expected 4.50%, and the previous value was 4.25%. In line with market expectations, it was the highest interest rate level since October 2007. The Bank of Canada is expected to keep rates on hold while it assesses the impact of the rate hike.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the low position was maintained in a narrow range, the bulls showed signs of waiting for an opportunity to enter the market and pull up. The short-term bullish sentiment began to emerge slowly. The MACD index was hovering weakly below the 0 axis, and the RSI index was in a weak consolidation near the 50 balance line;
Long-short turning point: 1.33760
Suppression: 1.34074, 1.34263
Support: 1.33576, 1.33375
Trading strategy: Bullish above 1.33760, target 1.34074, 1.34263
Alternative strategy: bearish below 1.33760, target 1.33576, 1.33375
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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