The US dollar remained volatile against the Canadian dollar near 1.35918. Statistics Canada reported that the Canadian economy contracted at an annualized rate of 0.2% in the second quarter, which was far weaker than forecasters expected.
USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The high level remains within a narrow range in the short term, and the bullish sentiment in the market weakens. Although there are signs of upward movement in the short term, there is a lack of follow-up momentum. The MACD indicator is in the bullish zone and remains volatile, and the RSI indicator is hovering weakly above the 50 equilibrium line;
Resistance level: 1.36020 1.36115
Support level: 1.35768 1.35676
Trading strategy: Bullish above 1.35870, target 1.36020 1.36115
Alternative strategy: bearish below 1.35870, target 1.35768 1.35676