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USDCAD: Shock and fall

2023-03-19
774
Fundamental analysis:

The USD/CAD remained volatile around 1.37153. The monthly rate of the Canadian Industrial Price Index in February was -0.8%, which was expected to be 0.2%. In January, overseas investors in Canada bought a net Canadian dollar of 4.21 billion Canadian dollars, compared with the previous value of 21.22 billion Canadian dollars.

US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The short-term momentum is oscillating downward in a stepwise manner, and the short-term decline may continue. The market as a whole is weak, the MACD indicator is hovering below the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;

Resistance levels: 1.37419 1.37625
Support levels: 1.36976 1.36623

Trading strategy: bearish below 1.37254, target 1.36976 1.36623
Alternative strategy: Bullish above 1.37254, target 1.37419 1.37625

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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