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USDCAD: Shock and pull up
2023-01-06
1083
Fundamental analysis:
USD/CAD remained volatile around 1.35678. Canada’s November trade account was -400 million Canadian dollars, expected to be 610 million Canadian dollars, and the previous value was 1.21 billion Canadian dollars. The surprisingly large downward revision in the data is not a good sign for Canada's GDP growth in the fourth quarter.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls has risen rapidly, and the short-term momentum of the bulls has fluctuated after entering the market strongly. The sentiment of the bulls has begun to emerge, and the bulls in the market continue to rise.
Long-short turning point: 1.35596
Suppression: 1.35847, 1.36006
Support: 1.35432, 1.35294
Trading strategy: Bullish above 1.35596, target 1.35847, 1.36006
Alternative strategy: bearish below 1.35596, target 1.35432, 1.35294
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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