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USDCAD: shock retracement

Fundamental analysis:

USD/CAD remained volatile around 1.37204, as wholesale sales in Canada rose 2.4% month-on-month in January due to higher sales in machinery, equipment and supplies, and food, beverage and tobacco product sub-sectors.

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

Brief technical analysis:

Looking at the 4-hour chart: the high-level short positions have retreated after a huge shock, short-term short positions have signs of continuing to move downward, the market continues to move downward, the MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;

Resistance levels: 1.37419 1.37625

Support levels: 1.37029 1.36823

Trading strategy: bearish below 1.37254, target 1.37029 1.36823
Alternative strategy: Bullish above 1.37254, target 1.37419 1.37625

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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