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USDCAD: pulling up and retracing

Fundamental analysis:

USD/CAD remained oscillating around 1.36066. Various sanctions against Russian energy by Western countries are having the "expected effect". Although Russian energy is still flowing into the market, Russia's revenue from oil and gas has indeed declined.

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

Brief technical analysis:

Looking at the 4-hour chart: the bulls are driven up strongly, and the short-term highs are blocked and retraced. The market is still bullish, and there is a trend of continuous upward movement in the short term.

Long-short turning point: 1.35936

Suppression: 1.36305, 1.36539
Support: 1.35680, 1.35462

Trading strategy: Bullish above 1.35936, target 1.36305, 1.36539
Alternative strategy: bearish below 1.35936, target 1.35680, 1.35462

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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