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USDCAD: oscillating upward

2023-05-19
779
Fundamental analysis:

USD/CAD remained volatile around 1.35012. The market downgraded the Fed’s expectation of a pause in raising interest rates in June, leading to a stronger USD, which was negative for USD-denominated commodity prices. However, oil prices rose by more than 3% overnight, benefiting from a sharp drop in U.S. gasoline inventories, demand soared to the highest level since 2021, optimistic expectations for U.S. debt ceiling negotiations, and Russia’s rhetoric that contradicted OPEC+, the outlook for oil prices continues to be bullish .

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



Brief technical analysis:

Looking at the 4-hour chart: the momentum of the bulls continues to fluctuate and move upwards, short-term bullish sentiment emerges, the bulls in the market are constantly moving upwards, the MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing above the 50 balance line;

Resistance levels: 1.35192 1.35351

Support levels: 1.34733 1.34567

Trading strategy: Bullish above 1.34904, target 1.35192 1.35351
Alternative strategy: bearish below 1.34904, target 1.34733 1.34567

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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