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USDCAD: low volatility
2023-06-15
756
Fundamental analysis:
USD/CAD remained volatile around 1.33232. The market expects the Bank of Canada to raise interest rates again to 5.00% in July. The Bank of Canada pointed out that monetary policy is not restrictive enough and showed concerns that inflation may be significantly higher than the 2% target.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains volatile, the short-term decline weakens, the market’s bearish sentiment begins to stop, the MACD indicator is in the bearish area and the RSI indicator is hovering below the 50 balance line;
Resistance levels: 1.33554 1.33768
Support levels: 1.32976 1.32734
Trading strategy: bearish below 1.33312, target 1.32976 1.32734
Alternative strategy: bullish above 1.33312, target 1.33554 1.33768
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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