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USDCAD: Multiple heads move up continuously

2022-11-04
538
Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at 1.37447. Canada's trade account in September was 1.14 billion Canadian dollars, expected to be 1.34 billion Canadian dollars, with a previous value of 1.52 billion Canadian dollars.




USD CAD - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that the bulls' momentum is strong and rising. After the short-term high shock, there is a sign that they continue to move up. The MACD index hovers at the regional high of bulls, and the RSI index is at the 50 equilibrium line;


Empty turning point: 1.37329


Pressing: 1.37685, 1.37947


Support: 1.37081, 1.36859


Trading strategy: bullish above 1.37329, target 1.37685, 1.37947


Alternative strategy: bearish under 1.37329, target 1.37081, 1.36859

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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