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USDCAD: range-bound
2023-03-06
1071
Fundamental analysis:
USD/CAD remained volatile around 1.35904. The reason why the Bank of Canada was able to suspend interest rate hikes before the Federal Reserve was that the sharp rise in borrowing costs had a quick impact on household financial conditions. Higher mortgage debt service costs are taking a larger share of household income than at any point in the past 30 years.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term entanglement range fluctuates, the market as a whole is hovering at a high level, and has not yet come out of the final direction guidance, the short-term momentum has retreated in the short term, the MACD indicator is hovering above the 0 axis, and the RSI indicator is finishing near the 50 balance line;
Resistance levels: 1.36208 1.36407
Support levels: 1.35692 1.35502
Trading strategy: bearish below 1.35995, target 1.35692 1.35502
Alternative strategy: bullish above 1.35995, target 1.36208 1.36407
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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