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USDCAD: short-term upward move

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

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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