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USDCAD: short-term rallies
2022-09-30
1306
Fundamental analysis:
Benchmark crude is set for gains this week after a four-week losing streak. Crude oil recovered from nine-month lows earlier this week, helped by a pullback in the dollar index and a larger-than-expected drop in U.S. fuel inventories. The U.S. dollar index fell again on Thursday, pulling back from a 20-year high, signaling investors' increased risk appetite.
USD/CAD USDCAD daily chart:
A brief technical analysis:
From the daily chart: the short-term exchange rate continued to fall after the weak pull-up. MACD was running on the 0 axis but the volume was shrinking. The RSI overbought area began to decline.
Long-short turning point: 1.3450
Resistance: 1.3650 1.3850
Support level: 1.3250 1.3050
Trading strategy: Bullish above 1.3450, target price at 1.3650, 1.3850
Alternative strategy: bearish below 1.3450, target price at 1.3250, 1.3050
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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