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USDCAD: low volatility

2023-05-11
884
Fundamental analysis:

USD/CAD remained volatile around 1.33711. The Canadian dollar has strengthened in recent weeks, gaining nearly 5 cents against the U.S. dollar. The resilience of the Canadian economy and a less dovish BoC have led to a sharp reduction in the US-Canada spread since the collapse of the Silicon Valley bank.

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



Brief technical analysis:

Looking at the 4-hour chart: low short-term volatility, market bearishness reappears, short-term signs of continued consolidation and downward movement, MACD indicator is in the short area for consolidation, and RSI indicator is in weak consolidation below the 50 balance line;

Resistance levels: 1.34048 1.34281

Support levels: 1.33516 1.33303

Trading strategy: bearish below 1.33802, target 1.33516 1.33303
Alternative strategy: Bullish above 1.33802, target 1.34048 1.34281

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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