CM Trade

Download APP to receive bonus

GET

USDCAD: Step up

2023-05-21
834
Fundamental analysis:

USD/CAD remained volatile around 1.35073. Due to the strengthening of the US dollar, the USD/CAD edged higher in the Asian session. Meanwhile, oil prices fell and Bank of Canada Governor Macklem gave no support for the market's recent move to price in another rate hike. Macklem said after the release of the Bank of Canada's financial system report that inflation rose in April for the first time in 10 months, but it is an anomaly and CPI will continue to decline.

US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term bullish momentum maintains a ladder-style shock and moves upward, the short-term bullish sentiment continues, the MACD indicator is hovering weakly above the 0 axis, and the RSI indicator is weakly finishing above the 50 balance line;

Resistance levels: 1.35265 1.35467

Support levels: 1.34800 1.34641

Trading strategy: bullish above 1.34990, target 1.35265 1.35467
Alternative strategy: bearish below 1.34990, target 1.34800 1.34641

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More