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USDCAD: short shock down
2022-09-12
1109
Fundamental analysis:
The US dollar remained volatile around 1.30300 against the Canadian dollar, and Canada's employment unexpectedly fell for three consecutive months, suggesting that interest rate hikes have begun to cool the labor market.
US dollar and Canadian dollar (USDCAD) - the 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the momentum of high-level short positions is maintained in a choppy downward trend, supported and sorted out in the short term, the market short mood is shrouded, the MACD index is maintained in the short area, and the RSI index is hovering below the 50 equilibrium line;
Long and short turning point: 1.30421
Pressing position: 1.30655, 1.30888
Support position: 1.30080, 1.29883
Trading strategy: bearish below 1.30421, target 1.30080, 1.29883
Alternative strategy: bullish above 1.30421, target 1.30655, 1.30888
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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