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USDCAD: Multi head high position sorting

2022-09-23
483
Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at 1.34853. The geopolitical situation in Russia and Ukraine worried that it helped the oil price rise to around 86.65 US dollars/barrel on Wednesday, but it was eventually pressured by the US Federal Reserve's interest rate hike and the US dollar's surge.



USD CAD - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that the bulls' momentum continues to fluctuate and rise, the short-term bullish sentiment is good, the market high level remains wide and volatile, the MACD index is at the high level in the bulls' region, and the RSI index remains hovering in the bulls' region;


Empty turning point: 1.34668


Pressing position: 1.35249, 1.35607


Support position: 1.34288, 1.33885


Trading strategy: 1.34668 upside bullish, target 1.35249, 1.35607


Alternative strategy: bearish under 1.34668, target 1.34288, 1.33885

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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