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USDCAD: shock down

2023-01-24
489
Fundamental analysis:

USD/CAD remained volatile around 1.33672. The Bank of Canada will slightly raise the benchmark interest rate by 25 basis points to 4.50% on January 25, and then suspend aggressive tightening actions. The risk tends to reach a higher peak.

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



Brief technical analysis:

Looking at the 4-hour chart: The short-term momentum maintains a narrow range of shocks and moves downward. After the short-term low level adjustment, there is a trend of continuing to move downward. The MACD indicator is weakly hovering below the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;

Long-short turning point: 1.33760

Suppression: 1.33974, 1.34187
Support: 1.33473, 1.33254

Trading strategy: bearish below 1.33760, target 1.33473, 1.33254
Alternative strategy: Bullish above 1.33760, target 1.33974, 1.34187

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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