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USDCAD: sharp drop at high level
2022-12-01
1068
Fundamental analysis:
USD/CAD remained oscillating around 1.34565, Canadian Prime Minister Trudeau: Russia's special military action against Ukraine is a threat to the rules-based order and shows (we) need a more reliable supply chain.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum has fallen sharply, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is in the bullish area and slowly moving down, and the RSI indicator is hovering below the 50 balance line;
Long-short turning point: 1.34565
Suppression: 1.34880, 1.35148
Support: 1.34140, 1.33865
Trading strategy: bearish below 1.34565, target 1.34140, 1.33865
Alternative strategy: Bullish above 1.34565, target 1.34880, 1.35148
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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