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USDCAD: shock retracement
2023-01-20
1046
Fundamental analysis:
USD/CAD remained volatile around 1.34644. Crude oil and gasoline inventories increased significantly, but improved from last week. Hidden oil demand and refinery crude oil processing rebounded after being affected by the Elliott storm.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the low-level long-term pull-up has been blocked and sorted out, and the short-term momentum is waiting for an opportunity to enter the market. The short-term shock retreats and moves down, and the short-term sentiment begins to ferment. The MACD indicator is in the long-term area to maintain consolidation, and the RSI indicator is at the 50 balance line. ;
Long-short turning point: 1.34713
Suppression: 1.34934, 1.35161
Support: 1.34453, 1.34246
Trading strategy: bearish below 1.34713, target 1.34453, 1.34246
Alternative strategy: Bullish above 1.34713, target 1.34934, 1.35161
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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