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USDCAD: rebound layout empty order

Fundamental analysis:

CFTC position data: As of November 15, the net short position of USD was USD 10.5 million, while the net long position of the previous week was USD 2.36 billion, the first time since mid July 2021.

USD CAD daily chart:

Technical analysis:

The daily chart shows that the short-term exchange rate continues to rebound slightly. MACD operates under the 0 axis but the volume can continue to shrink. RSI rebounds slightly and rises. It is expected that the short-term exchange rate will further decline after the rebound.

Empty turning point: 1.3450

Resistance level: 1.3650 1.3850

Support position: 1.3250 1.3000

Trading strategy: bearish below 1.3450, with target prices of 1.3250 and 1.3000

Alternative strategy: bullish above 1.3550, with target prices of 1.3850 and 1.4050

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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