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USDCAD: Shock down
2022-12-27
1024
Fundamental analysis:
USD/CAD remained oscillating around 1.31991. Canadian data was hot this week, and the cooling was seen from these data. Mining is a drag here, but that's not expected to last. More worrisome though, manufacturing contracted 0.7%, the fourth decline in six months, led by a 1.1% drop in durable goods manufacturing. Markets are closed on Monday for Christmas.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate downward, the short-term decline continues, the market is shrouded in bearish sentiment, the MACD indicator is weakly hovering around the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Long-short turning point: 1.36049
Suppression: 1.36189, 1.36346
Support: 1.35854, 1.35724
Trading strategy: bearish below 1.36049, target 1.35854, 1.35724
Alternative strategy: Bullish above 1.36049, target 1.36189, 1.36346
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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