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USDCAD: Short Positions Fall
2022-11-11
1090
Fundamental analysis:
The US dollar remained volatile against the Canadian dollar at 1.33118. The US recorded a quarterly CPI annual rate of 7.7% at the end of October, the smallest increase since January 2022. It may cause the Federal Reserve to slow down the pace of interest rate increase, which will be seen as a positive factor to promote the growth of economy and oil demand.
USD CAD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bearish momentum moves rapidly downward, and the short-term decline may continue. The market bearish sentiment continues to emerge. The MACD index moves downward in the bearish area, and the RSI index is collated in the bearish area;
Empty turning point: 1.33331
Pressing: 1.33703, 1.34029
Support: 1.32761, 1.32406
Trading strategy: bearish under 1.33331, target 1.32761, 1.32406
Alternative strategy: bullish on 1.33331, target 1.33703, 1.34029
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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