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USDCAD: Shock Downward

2022-11-24
452
Fundamental analysis:

The US dollar/Canadian dollar remained volatile around 1.33455. After the implementation of the price ceiling, the price of Russian crude oil may be around US $60 per barrel, or between US $300 and US $700 per ton. G7 countries are about to set a price ceiling on Russian oil, which may transfer trade to smaller companies.




USD CAD - 4-hour K line chart shows:



Technical analysis:

The 4-hour chart shows that the bearish momentum has maintained a good downward trend of shock, and the short-term decline may continue. The market as a whole is still in a weak position. The MACD index hovers around the 0 axis, and the RSI index is in a weak position below the 50 equilibrium line;

Empty turning point: 1.33605

Pressing: 1.33,877, 1.34,134

Support: 1.33165, 1.32936

Trading strategy: bearish under 1.33605, target 1.33165, 1.32936

Alternative strategy: bullish above 1.33605, target 1.33877, 1.34134

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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