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USDCAD: lower ladder down

Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at 1.34258. With the Bank of Canada considering slowing the rate rise, the central bank is now focusing on inflation data that is more timely than traditional indicators, which can help the central bank avoid excessive tightening. The inflation rate is usually expressed in terms of the annual change rate of prices, so as to suppress the volatility of short-term indicators.

USD CAD - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the bearish sentiment of the market is good, and the short-term low decline may continue. The market bearish momentum continues to move downward. The MACD index is in the low position of the bearish region and the RSI index is in the weak position of the bearish region;

Empty turning point: 1.34375

Pressing: 1.34706, 1.35019

Support: 1.33931, 1.33647

Trading strategy: bearish under 1.34,375, target 1.33,931, 1.33,647

Alternative strategy: bullish above 1.34375, target 1.34706, 1.35019

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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