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USDCAD: Shock recovery
2023-02-03
985
Fundamental analysis:
USD/CAD remained volatile around 1.33177. The Federal Reserve further slowed the rate hike rate to 25 basis points overnight as scheduled and acknowledged that inflation has eased. Chairman Jerome Powell hinted that interest rates would be cut by the end of 2023 if inflation accelerated. That sent the dollar sharply lower and limited losses in oil prices.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low volatility is slowly picking up, the market's short-term bullish momentum remains upward, and there are signs of continued upward movement in the short term, the MACD indicator is in the short-term area and remains in order, and the RSI indicator is hovering weakly near the 50 balance line;
Long-short turning point: 1.33092
Suppression: 1.33243, 1.33493
Support: 1.32936, 1.32776
Trading strategy: Bullish above 1.33092, target 1.33243, 1.33493
Alternative strategy: bearish below 1.33092, target 1.32936, 1.32776
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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