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USDCAD: Move up the inversion of low order
2022-11-10
1048
Fundamental analysis:
The US dollar remained volatile against the Canadian dollar at 1.35252. As of November 4, the EIA oil inventory report of the United States showed that the commercial crude oil inventory excluding strategic reserves increased by 3.925 million barrels to 441 million barrels, an increase of 0.9%.
USD CAD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bearish power keeps moving downward in a narrow range, and the low position starts to reverse upward after a short-term narrow range consolidation. The short-term bulls continue to move upward. The MACD index moves upward in a low range in the bearish area, and the RSI index hovers in a weak position near the 50 equilibrium line;
Empty turning point: 1.35071
Pressing: 1.35594, 1.35898
Support: 1.34749, 1.34414
Trading strategy: 1.35071 upside bullish, target 1.35594, 1.35898
Alternative strategy: 1.35071 bearish, target 1.34749, 1.34414
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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