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
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