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USDCAD: Narrow finishing

2023-01-12
598
Fundamental analysis:
USD/CAD remained volatile around 1.34229, and the G7’s intention to set dual restrictions on the price of Russian oil products may limit the downward range of oil prices. Supply disruptions are now unlikely as investors worry that sharp rate hikes by central banks around the world to curb high inflation will trigger a recession and curb fuel demand.

US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: After the low volatility moved up, it began to sort out in a narrow range. The market’s bullish sentiment remains, but the upward momentum begins to weaken. The MACD indicator is in the short area and moves up.
Long-short turning point: 1.34130
Suppression: 1.34436, 1.34675
Support: 1.33921, 1.33676
Trading strategy: Bullish above 1.34130, target 1.34436, 1.34675
Alternative strategy: bearish below 1.34130, target 1.33921, 1.33676

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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