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USDCAD: shock down

Fundamental analysis:

USD/CAD remained volatile around 1.37296, with Canadian bank deposits not in any significant flight risk and the country's banks largely immune to the kind of risk that led to the failure of a Silicon Valley bank.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum remains volatile and downward, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is in the bullish area and continues to move down, and the RSI indicator is hovering around the 50 balance line;

Resistance levels: 1.37644 1.37851

Support levels: 1.37092 1.36858

Trading strategy: bearish below 1.37398, target 1.37092 1.36858
Alternative strategy: Bullish above 1.37398, target 1.37644 1.37851

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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