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USDCAD: sharp drop at high level
2023-02-20
1152
Fundamental analysis:
The USD/CAD remained volatile around 1.34700, and the monthly rate of the Canadian Industrial Price Index in January: After falling for two consecutive months, the data recorded 0.4%, an increase of 5.4% year-on-year. Prices of industrial products rose by a large margin in January. Compared with the same period last year, prices of energy and petroleum products rose by 19.8% in January this year.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the bulls pulled up rapidly, the highs fell sharply, the market's bearish sentiment emerged, and the short-term decline may continue. The MACD index is in the high position of the bull area, and the RSI index is in the bull area and moves down slowly;
Long-short turning point: 1.34773
Suppression: 1.34927, 1.35064
Support: 1.34539, 1.34391
Trading strategy: bearish below 1.34773, target 1.34539, 1.34391
Alternative strategy: Bullish above 1.34773, target 1.34927, 1.35064
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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