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USDCAD: Shock and move up
2022-11-28
1114
Fundamental analysis:
USD/CAD oscillated around 1.33731, with once-hot Canadian home prices expected to fall 17.5% from their peak, roughly double the decline during the 2008-09 financial crisis, as an economic slowdown has begun. The correction from peak to trough is expected to be between 10%-30%. The current decline has reached about 10%.
USDCAD USDCAD - 4-hour candlestick chart shows:
A brief technical analysis:
Looking at the 4-hour chart: after the short-term momentum continues to fluctuate and decline, the short-term consolidation, the bulls are waiting for an opportunity to enter the market and move upward, the short-term bulls have continued to move upward, the MACD indicator is hovering below the 0 axis, and the RSI indicator is weak at the 50 balance line.
Long and short turning point: 1.33638
Suppression: 1.33955, 1.34130
Support: 1.33404, 1.33158
Trading strategy: bullish above 1.33638, target 1.33955, 1.34130
Alternative strategy: bearish below 1.33638, target 1.33404, 1.33158
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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