USDCAD: sorting out high and weak positions

Fundamental analysis:

The US dollar remained volatile against the Canadian dollar at 1.37252. The latest statement of Governor of the Bank of Canada, Michael Lam, resisted the expectation of dove inflection point, which should strengthen the probability of the bank raising interest rates by 50 basis points in October. However, we are reluctant to make further inferences, because in the current environment, especially when the economic data began to cool, the validity of the central bank's statement was very short.

USD CAD - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the low bulls' momentum keeps surging, the short-term high is narrow, the market bulls' momentum weakens, the short sellers enter the market, the MACD index hovers on the top of the 0 axis, and the RSI index is in the 50 balanced online weak consolidation;

Empty turning point: 1.37391

Pressing: 1.37901, 1.38335

Support: 1.36896, 1.36393

Trading strategy: bearish under 1.37391, target 1.36896, 1.36393

Alternative strategy: bullish above 1.37391, target 1.37901, 1.38335