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USDCAD: Short position plummets

2022-11-07
550
Fundamental analysis:

The dollar remained volatile against the Canadian dollar at 1.33743. In October, the Canadian economy added 108300 jobs, far more than the market expected, completely recovering the losses of the whole summer, while the unemployment rate remained stable at 5.2%. Canada's labor market is very tight, which still shows that employers can find workers under the trend of declining participation rate. The Bank of Canada may indeed raise interest rates closer to 50 basis points in December.



USD CAD - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that the power of short positions in the market has fallen rapidly, and the short-term decline has not stopped. The short positions in the market are in a good mood, with further downward movement. The MACD index is arranged under the 0 axis, and the RSI index is continuously downward under the 50 equilibrium line;


Empty turning point: 1.34,875


Pressing: 1.35192, 1.35481


Support: 1.34492, 1.34189


Trading strategy: bearish under 1.34875, target 1.34492, 1.34189


Alternative strategy: bullish above 1.34875, target 1.35192, 1.35481

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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