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USDCAD: multi head continuous uplink

Fundamental analysis:

The USD / CAD fluctuated around 1.31110. The data released by Statistics Canada showed that the Canadian economy grew at an annualized rate of 3.3% in the second quarter, driven by the increase in enterprise inventory investment, which was lower than analysts' expectations. Statistics Canada said that the real GDP in June increased by 0.1% compared with that in May, which is in line with expectations, while the GDP in July may decline slightly by 0.1%.

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

Technical analysis:

According to the 4-hour chart, the market's bulls are surging up in a step-by-step manner. The short-term bullish sentiment is shrouded, and the bulls are moving further upward. The MACD indicator is in the Bulls' region, and the RSI indicator is in the Bulls' region;

Long and short turning point: 1.31110

Pressing position: 1.31537, 1.31783

Support position: 1.30849, 1.30623

Trading strategy: bullish above 1.31110, target 1.31537, 1.31783

Alternative strategy: bearish below 1.31110, targets 1.30849 and 1.30623

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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