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USDCAD: range-bound
2023-05-24
790
Fundamental analysis:
USD/CAD remained volatile around 1.35021, as Western sanctions on Russian oil will curb production growth. Russia can maintain production at around 10-11 million barrels per day, but given Western sanctions against it, Russia will not be able to secure future production growth.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: In the short term, the market will maintain range shocks and shifts. The market as a whole is in a bullish trend. In the short term, it may be entangled in range shocks. The MACD indicator is hovering weakly above the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Resistance levels: 1.35285 1.35467
Support levels: 1.34800 1.34641
Trading strategy: bullish above 1.34990, target 1.35285 1.35467
Alternative strategy: bearish below 1.34990, target 1.34800 1.34641
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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