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USDCAD: shock down

2023-07-25
777
Fundamental analysis:

USD/CAD remained volatile around 1.31669. Canada’s National Economic Confidence Index as of July 21 was 52.67, compared to the previous value of 52.2.

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



Brief technical analysis:

Looking at the 4-hour chart: the market is shrouded in bearish sentiment, and there are signs of continuing to move downward in the short term. The MACD indicator is hovering around the 0 axis, and the RSI indicator is below the 50 balance line for weak consolidation;

Resistance levels: 1.31943 1.32123

Support levels: 1.31478 1.31294

Trading strategy: bearish below 1.31736, target 1.31478 1.31294
Alternative strategy: bullish above 1.31736, target 1.31943 1.32123

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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