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USDCAD: Shock down

Fundamental analysis:

USD/CAD remained volatile around 1.36835, as market expectations for the Fed to slow down the pace of interest rate hikes rose. The USD recently fell to a near one-month low, slightly easing the downward pressure on oil prices.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate and move down, the short-term decline has not stopped, the overall bearish sentiment in the market is shrouded, the MACD indicator is weakly hovering below the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;

Resistance levels: 1.37192 1.37424

Support levels: 1.36614 1.36414

Trading strategy: bearish below 1.36961, target 1.36614 1.36414
Alternative strategy: Bullish above 1.36961, target 1.37192 1.37424

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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