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USDCAD: Oscillation moves up

2022-11-01
594
Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at 1.36228. RBC: It is expected that the Canadian economy will achieve positive growth again in the fourth quarter, but there will be a mild recession in the first half of next year. That is, although the interest rate raising cycle of the Bank of Canada is nearing the end, it has not completely ended.



USD CAD - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that the low bulls' power keeps moving up in shock, while the short-term bulls' power continues to move up. The MACD index stays in the short positions and stays near the 0 axis, while the RSI index stays in the weak positions near the 50 equilibrium line;


Empty turning point: 1.36120


Pressing: 1.36607, 1.36950


Support: 1.35777, 1.35452


Trading strategy: bullish above 1.36120, target 1.36607, 1.36950


Alternative strategy: bearish under 1.36120, target 1.35777, 1.35452

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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