The US dollar against the Canadian dollar remains volatile around 1.35992, and the global oil market remains tense. Standard Chartered Bank estimates that global inventories fell by 2.8 million barrels per day in August, and are expected to further decrease by 2.4 million barrels per day next month. Inventory tightening will continue to be the main price driver in the coming months, and there is still a chance that the market will slip back into the kind of macro-driven anxiety we saw in the second quarter.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is rising strongly, and there is a continued upward trend in the short term. The market is shrouded in bullish sentiment. The MACD indicator is in the short area and has moved up to consolidate near the 0 axis. The RSI indicator is hovering weakly above the 50 equilibrium line;
Resistance levels: 1.36115 1.36237
Support levels: 1.35794 1.35676
Trading strategy: Bullish above 1.35917, target 1.36115 1.36237
Alternative strategy: bearish below 1.35917, target 1.35794 1.35676