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USDCAD: short-term upward move
2023-05-17
807
Fundamental analysis:
USD/CAD remained volatile around 1.34777. The fire in Alberta, Canada, once forced more than 30,000 people to leave their homes, shutting down at least 319,000 barrels per day of oil equivalent, accounting for 3.7% of national production. Prime Minister Justin Trudeau visited the province on Monday, and meteorologists expect about 10 days of little rain in the province.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics maintain shocks and move down, the short-term bullish momentum pulls up, the market is bullish, and the bulls continue to move upwards. The MACD indicator is finishing around the 0 axis, and the RSI indicator is hovering around the 50 balance line;
Resistance levels: 1.35033 1.35253
Support levels: 1.34428 1.34215
Trading strategy: Bullish above 1.34700, target 1.35033 1.35253
Alternative strategy: bearish below 1.34700, target 1.34428 1.34215
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