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USDCAD: Narrow consolidation

2023-09-05
716
Fundamental analysis:

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

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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