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USDCAD: Multihead Continuously Uplink
2022-09-26
1201
Fundamental analysis:
The US dollar rose 2.10% against the Canadian dollar to 1.3543, a new high of 1.3550 since July 20, 2020. The annual inflation rate in Canada fell sharply to 7.0% in August from 7.6% in July, a sharp decline for the second consecutive month. As the household debt service rate may hit a record high, the Bank of Canada may be restricted from raising interest rates aggressively if inflation reaches its peak.
USD CAD daily chart:
Technical analysis:
From the daily chart, we can see that after the short-term exchange rate rise, the exchange rate will fall slightly. The MACD runs on the 0 axis and the volume can be slightly increased. The RSI tends to go up. It is expected that the short-term exchange rate will go up further after the fall.
Empty turning point: 1.3450
Resistance level: 1.3650 1.3850
Support position: 1.3250 1.3050
Trading strategy: bullish above 1.3450, with target prices of 1.3650 and 1.3850
Alternative strategy: bearish below 1.3450, with target prices of 1.3250 and 1.3050
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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